| Agents For Service: | Ryan Charles                     |
|---------------------|----------------------------------|
|                | Davis Selected Advisers, L.P.    |
|                | 2949 East Elvira Road, Suite 101 |
|                | Tucson, Arizona 85756            |
|                | (520) 434-3778                   |
|                |                             |
|                | -or-                             |
|                |                             |
|                | Arthur Don                       |
|                | Greenberg Traurig LLP            |
|                | 77 West Wacker Drive             |
|                | Suite 3100                       |
|                | Chicago, IL 60601                |
|                | (312) 456-8438                   |
|                |                             |
|   | Immediately upon filing pursuant to paragraph (b)                                                                          |
|--------|----------------------------------------------------------------------------------------------------------------------------|
| X      | On May 1, 2015, pursuant to paragraph (b)                                                                                  |
|   | 60 days after filing pursuant to paragraph (a)                                                                             |
|   | On                       , pursuant to paragraph (a) of Rule 485    |
|   | 75 days after filing pursuant to paragraph (a)(2) of Rule 485                                                              |
|   | On                       , pursuant to paragraph (a)(2) of Rule 485 |
| Title of Securities being Registered: | Common Stock of:                        |
|---------------------------------------|-----------------------------------------|
|                                  | 1. Davis Opportunity Fund               |
|                                  | 2. Davis Financial Fund                 |
|                                  | 3. Davis Real Estate Fund               |
|                                  | 4. Davis Appreciation & Income Fund |
|                                  | 5. Davis Government Bond Fund           |
|                                  | 6. Davis Government Money Market Fund   |

----

|                                 | Class A                     | Class B | Class C | Class Y |
|--------------------------------------|-----------------------------|---------|---------|---------|
| Davis Financial Fund                 | RPFGX                       | DFIBX   | DFFCX   | DVFYX   |
| Davis Opportunity Fund               | RPEAX                       | RPFEX   | DGOCX   | DGOYX   |
| Davis Real Estate Fund               | RPFRX                       | DREBX   | DRECX   | DREYX   |
| Davis Appreciation & Income Fund | RPFCX                       | DCSBX   | DCSCX   | DCSYX   |
| Davis Government Bond Fund           | RFBAX                       | VRPFX   | DGVCX   | DGVYX   |
| Davis Government Money Market Fund   | RPGXX for all share classes |

----

|   |
|--------|
|   |
|--------|

----

| Shareholder Fees (fees paid directly from your investment)                                                                                          | Class A shares | Class B shares | Class C shares | Class Y shares |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|----------------|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)                                                                | 4.75%          | None           | None           | None           |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | 0.50%*         | 4.00%          | 1.00%          | None           |
| Redemption Fee (as a percentage of total redemption proceeds)                                                                                       | None           | None           | None           | None           |
| Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | Class A shares | Class B shares | Class C shares | Class Y shares |
|------------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|----------------|
| Management Fees                                                                                                  | 0.55%          | 0.55%          | 0.55%          | 0.55%          |
| Distribution and/or service (12b-1) Fees                                                                         | 0.16%          | 1.00%          | 1.00 %         | 0.00%          |
| Other Expenses                                                                                                   | 0.15%          | 0.37%          | 0.21%          | 0.15%          |
| Total Annual Operating Expenses                                                                                  | 0.86%          | 1.92%          | 1.76 %         | 0.70%          |
|           | If you sell your shares in: | You would pay the following expenses if you did not redeem your shares: |
|----------------|-----------------------------|-------------------------------------------------------------------------|
|           | 1 Year                      | 3 Years                                                                 | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A shares | $559                        | $736                                                                    | $929 | $1,485 | $559 | $736 | $929 | $1,485 |
| Class B shares | 595                         | 903                                                                     | 1,237 | 1,837 | 195 | 603 | 1,037 | 1,837 |
| Class C shares | 279                         | 554                                                                     | 954 | 2,073 | 179 | 554 | 954 | 2,073 |
| Class Y shares | 72                          | 224                                                                     | 390 | 871 | 72 | 224 | 390 | 871 |
| Highest/Lowest quarterly results during this time period were: |
|----------------------------------------------------------------|
| Highest                                                        | 28.82% for the quarter ended June 30, 2009 |
| Lowest                                                         | (27.10)% for the quarter ended December 31, 2008 |
|                                                                            | Past 1 Year | Past 5 Years | Past 10 Years |
|---------------------------------------------------------------------------------|-------------|--------------|---------------|
| Class A shares return before taxes                                         | 7.64%       | 11.09%       | 5.02%         |
| Class A shares return after taxes on distributions                         | 4.92%       | 10.02%       | 4.03%         |
| Class A shares return after taxes on distributions and sale of fund shares | 6.56%       | 8.83%        | 4.02%         |
| Class B shares return before taxes                                              | 7.90%       | 10.66%       | 4.79%         |
| Class C shares return before taxes                                              | 11.04%      | 11.16%       | 4.59%         |
| Class Y shares return before taxes                                              | 13.20%      | 12.35%       | 5.68%         |
| S&P 500 Index reflects no deduction for fees, expenses, or taxes            | 13.69%      | 15.45%       | 7.67%         |
|              | Experience with this Fund                           | Primary Title with Investment Adviser or Sub-Adviser |
|-------------------|-----------------------------------------------------|------------------------------------------------------|
| Christopher Davis | Since January 2014 and from May 1991 until May 2007 | Chairman, Davis Selected Advisers, L.P.              |
|                          | Class A and C shares | Class Y shares |
|-------------------------------|----------------------|----------------|
| Minimum Initial Investment    | $1,000               | $5,000,000     |
| Minimum Additional Investment | 25                   | 25             |
| Shareholder Fees (fees paid directly from your investment)                                                                                          | Class A shares | Class B shares | Class C shares | Class Y shares |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|----------------|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)                                                                | 4.75%          | None           | None           | None           |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | 0.50%*         | 4.00%          | 1.00%          | None           |
| Redemption Fee (as a percentage of total redemption proceeds)                                                                                       | None           | None           | None           | None           |
| Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | Class A shares | Class B shares | Class C shares | Class Y shares |
|------------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|----------------|
| Management Fees                                                                                                  | 0.55%          | 0.55%          | 0.55%          | 0.55%          |
| Distribution and/or service (12b-1) Fees                                                                         | 0.23%          | 1.00%          | 1.00%          | 0.00%          |
| Other Expenses                                                                                                   | 0.19%          | 0.37%          | 0.20%          | 0.17%          |
| Total Annual Operating Expenses                                                                                  | 0.97%          | 1.92%          | 1.75%          | 0.72%          |
|           | If you sell your shares in: | You would pay the following expenses if you did not redeem your shares: |
|----------------|-----------------------------|-------------------------------------------------------------------------|
|           | 1 Year                      | 3 Years                                                                 | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A shares | $ 569                       | $ 769                                                                   | $ 986 | $ 1,608 | $ 569 | $ 769 | $ 986 | $ 1,608 |
| Class B shares | 595                         | 903                                                                     | 1,237 | 1,880 | 195 | 603 | 1,037 | 1,880 |
| Class C shares | 278                         | 551                                                                     | 949 | 2,062 | 178 | 551 | 949 | 2,062 |
| Class Y shares | 74                          | 230                                                                     | 401 | 894 | 74 | 230 | 401 | 894 |
| Highest/Lowest quarterly results during this time period were: |
|----------------------------------------------------------------|
| Highest                                                        | 22.36% for the quarter ended June 30, 2009 |
| Lowest                                                         | (24.35)% for the quarter ended December 31, 2008 |
|                                                                            | Past 1 Year | Past 5 Years | Past 10 Years |
|---------------------------------------------------------------------------------|-------------|--------------|---------------|
| Class A shares return before taxes                                         | 2.21%       | 12.32%       | 6.04%         |
| Class A shares return after taxes on distributions                         | (0.51)%     | 11.50%       | 5.41%         |
| Class A shares return after taxes on distributions and sale of fund shares | 3.33%       | 9.82%        | 4.86%         |
| Class B shares return before taxes                                              | 2.55%       | 12.07%       | 5.91%         |
| Class C shares return before taxes                                              | 5.53%       | 12.53%       | 5.73%         |
| Class Y shares return before taxes                                              | 7.58%       | 13.72%       | 6.86%         |
| Russell 3000 Index reflects no deduction for fees, expenses, or taxes           | 12.56%      | 15.63%       | 7.94%         |
| Portfolio Managers | Experience with this Fund | Primary Title with Investment Adviser or Sub-Adviser |
|--------------------|---------------------------|------------------------------------------------------|
| Ryan Brown         | Since August 2013         | Vice President, Davis Selected Advisers-NY, Inc.     |
| Christopher Davis  | Since January 1999        | Chairman, Davis Selected Advisers, L.P.              |
| Danton Goei        | Since December 2001       | Vice President, Davis Selected Advisers-NY, Inc.     |
| Tania Pouschine    | Since July 2003           | Vice President, Davis Selected Advisers-NY, Inc.     |
| Darin Prozes       | Since November 2013       | Vice President, Davis Selected Advisers-NY, Inc.     |
|                          | Class A and C shares | Class Y shares |
|-------------------------------|----------------------|----------------|
| Minimum Initial Investment    | $1,000               | $5,000,000     |
| Minimum Additional Investment | 25                   | 25             |
| Shareholder Fees (fees paid directly from your investment)                                                                                          | Class A shares | Class B shares | Class C shares | Class Y shares |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|----------------|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)                                                                | 4.75%          | None           | None           | None           |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | 0.50%*         | 4.00%          | 1.00%          | None           |
| Redemption Fee (as a percentage of total redemption proceeds)                                                                                       | None           | None           | None           | None           |
| Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | Class A shares | Class B shares | Class C shares | Class Y shares |
|------------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|----------------|
| Management Fees                                                                                                  | 0.55%          | 0.55%          | 0.55%          | 0.55%          |
| Distribution and/or service (12b-1) Fees                                                                         | 0.18%          | 1.00%          | 1.00%          | 0.00%          |
| Other Expenses                                                                                                   | 0.23%          | 0.50%          | 0.29%          | 0.19%          |
| Total Annual Operating Expenses                                                                                  | 0.96%          | 2.05%          | 1.84%          | 0.74%          |
|           | If you sell your shares in: | You would pay the following expenses if you did not redeem your shares: |
|----------------|-----------------------------|-------------------------------------------------------------------------|
|           | 1 Year                      | 3 Years                                                                 | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A shares | $ 568                       | $ 766                                                                   | $ 981 | $ 1,597 | $ 568 | $ 766 | $ 981 | $ 1,597 |
| Class B shares | 608                         | 943                                                                     | 1,303 | 1,966 | 208 | 643 | 1,103 | 1,966 |
| Class C shares | 287                         | 579                                                                     | 995 | 2,159 | 187 | 579 | 995 | 2,159 |
| Class Y shares | 76                          | 237                                                                     | 411 | 918 | 76 | 237 | 411 | 918 |
| Highest/Lowest quarterly results during this time period were: |
|----------------------------------------------------------------|
| Highest                                                        | 32.10% for the quarter ended June 30, 2009 |
| Lowest                                                         | (42.31)% for the quarter ended December 31, 2008 |
|                                                                                               | Past 1 Year | Past 5 Years | Past 10 Years |
|----------------------------------------------------------------------------------------------------|-------------|--------------|---------------|
| Class A shares return before taxes                                                            | 21.61%      | 12.98%       | 5.22%         |
| Class A shares return after taxes on distributions                                            | 20.92%      | 12.41%       | 3.94%         |
| Class A shares return after taxes on distributions and sale of fund shares                    | 12.21%      | 10.11%       | 4.08%         |
| Class B shares return before taxes                                                                 | 22.30%      | 12.58%       | 5.04%         |
| Class C shares return before taxes                                                                 | 25.58%      | 13.12%       | 4.88%         |
| Class Y shares return before taxes                                                                 | 27.96%      | 14.38%       | 6.06%         |
| S&P 500 Index reflects no deduction for fees, expenses, or taxes                               | 13.69%      | 15.45%       | 7.67%         |
| Wilshire U.S. Real Estate Securities Index reflects no deduction for fees, expenses, or taxes | 31.53%      | 17.23%       | 8.15%         |
| Portfolio Managers | Experience with this Fund | Primary Title with Investment Adviser or Sub-Adviser |
|--------------------|---------------------------|------------------------------------------------------|
| Andrew Davis       | Since January 1994        | President, Davis Selected Advisers, L.P.             |
| Chandler Spears    | Since August 2002         | Vice President, Davis Selected Advisers-NY, Inc.     |
|                          | Class A and C shares | Class Y shares |
|-------------------------------|----------------------|----------------|
| Minimum Initial Investment    | $1,000               | $5,000,000     |
| Minimum Additional Investment | 25                   | 25             |
| Shareholder Fees (fees paid directly from your investment)                                                                                          | Class A shares | Class B shares | Class C shares | Class Y shares |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|----------------|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)                                                                | 4.75%          | None           | None           | None           |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | 0.50%*         | 4.00%          | 1.00%          | None           |
| Redemption Fee (as a percentage of total redemption proceeds)                                                                                       | None           | None           | None           | None           |

| Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A shares | Class B shares | Class C shares | Class Y shares |
|-----------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|----------------|
| Management Fees                                                                                                 | 0.55%          | 0.55%          | 0.55%          | 0.55%          |
| Distribution and/or service (12b-1) Fees                                                                        | 0.15%          | 1.00%          | 1.00%          | 0.00%          |
| Other Expenses                                                                                                  | 0.17%          | 0.32%          | 0.17%          | 0.17%          |
| Total Annual Operating Expenses                                                                                 | 0.87%          | 1.87%          | 1.72%          | 0.72%          |

|           | If you sell your shares in: | You would pay the following expenses if you did not redeem your shares: |
|----------------|-----------------------------|-------------------------------------------------------------------------|
|           | 1 Year                      | 3 Years                                                                 | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A shares | $ 560                       | $ 739                                                                   | $ 934 | $ 1,497 | $ 560 | $ 739 | $ 934 | $ 1,497 |
| Class B shares | 590                         | 888                                                                     | 1,211 | 1,805 | 190 | 588 | 1,011 | 1,805 |
| Class C shares | 275                         | 542                                                                     | 933 | 2,030 | 175 | 542 | 933 | 2,030 |
| Class Y shares | 74                          | 230                                                                     | 401 | 894 | 74 | 230 | 401 | 894 |

| Highest/Lowest quarterly results during this time period were: |
|----------------------------------------------------------------|
| Highest                                                        | 23.58% for the quarter ended September 30, 2009 |
| Lowest                                                         | (28.75)% for the quarter ended December 31, 2008 |

|                                                                            | Past 1 Year | Past 5 Years | Past 10 Years |
|---------------------------------------------------------------------------------|-------------|--------------|---------------|
| Class A shares return before taxes                                         | 0.37%       | 9.26%        | 5.40%         |
| Class A shares return after taxes on distributions                         | 0.13%       | 8.94%        | 4.74%         |
| Class A shares return after taxes on distributions and sale of fund shares | 0.41%       | 7.32%        | 4.22%         |
| Class B shares return before taxes                                              | 0.32%       | 9.01%        | 5.27%         |
| Class C shares return before taxes                                              | 3.48%       | 9.43%        | 5.05%         |
| Class Y shares return before taxes                                              | 5.52%       | 10.53%       | 6.15%         |
| S&P 500 Index reflects no deduction for fees, expenses, or taxes            | 13.69%      | 15.45%       | 7.67%         |

|         | Experience with this Fund | Primary Title with Investment Adviser or Sub-Adviser |
|--------------|---------------------------|------------------------------------------------------|
| Andrew Davis | Since February 1993       | President, Davis Selected Advisers, L.P.             |
| Keith Sabol  | Since September 2005      | Vice President, Davis Selected Advisers-NY, Inc.     |

|                          | Class A and C shares | Class Y shares |
|-------------------------------|----------------------|----------------|
| Minimum Initial Investment    | $1,000               | $5,000,000     |
| Minimum Additional Investment | 25                   | 25             |

| Shareholder Fees (fees paid directly from your investment)                                                                                          | Class A shares | Class B shares | Class C shares | Class Y shares |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|----------------|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)                                                                | 4.75%          | None           | None           | None           |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | 0.50%*         | 4.00%          | 1.00%          | None           |
| Redemption Fee (as a percentage of total redemption proceeds)                                                                                       | None           | None           | None           | None           |
| Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A shares | Class B shares | Class C shares | Class Y shares |
|-----------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|----------------|
| Management Fees                                                                                                 | 0.30%          | 0.30%          | 0.30%          | 0.30%          |
| Distribution and/or service (12b-1) Fees                                                                        | 0.16%          | 1.00%          | 1.00%          | 0.00%          |
| Other Expenses                                                                                                  | 0.44%          | 0.50%          | 0.39%          | 0.20%          |
| Total Annual Operating Expenses                                                                                 | 0.90%          | 1.80%          | 1.69%          | 0.50%          |

|           | If you sell your shares in: | You would pay the following expenses if you did not redeem your shares: |
|----------------|-----------------------------|-------------------------------------------------------------------------|
|           | 1 Year                      | 3 Years                                                                 | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A shares | $ 562                       | $ 748                                                                   | $ 950 | $ 1,530 | $ 562 | $ 748 | $ 950 | $ 1,530 |
| Class B shares | 583                         | 866                                                                     | 1,175 | 1,768 | 183 | 566 | 975 | 1,768 |
| Class C shares | 272                         | 533                                                                     | 918 | 1,998 | 172 | 533 | 918 | 1,998 |
| Class Y shares | 51                          | 160                                                                     | 280 | 628 | 51 | 160 | 280 | 628 |

| Highest/Lowest quarterly results during this time period were: |
|----------------------------------------------------------------|
| Highest                                                        | 2.05% for the quarter ended December 31, 2007 |
| Lowest                                                         | (1.26)% for the quarter ended June 30, 2013 |

|                                                                                             | Past 1 Year | Past 5 Years | Past 10 Years |
|--------------------------------------------------------------------------------------------------|-------------|--------------|---------------|
| Class A shares return before taxes                                                          | (3.67)%     | (0.14)%      | 1.70%         |
| Class A shares return after taxes on distributions                                          | (4.14)%     | (0.76)%      | 0.80%         |
| Class A shares return after taxes on distributions and sale of fund shares                  | (2.08)%     | (0.33)%      | 0.98%         |
| Class B shares return before taxes                                                               | (3.67)%     | (0.49)%      | 1.61%         |
| Class C shares return before taxes                                                               | (0.69)%     | 0.01%        | 1.37%         |
| Class Y shares return before taxes                                                               | 1.73%       | 1.14%        | 2.39%         |
| Citigroup U.S. Treasury/Agency 1-3 Year Index reflects no deduction for fees, expenses, or taxes | 0.61%       | 1.06%        | 2.60%         |

|         | Experience with this Fund | Primary Title with Investment Adviser or Sub-Adviser |
|--------------|---------------------------|------------------------------------------------------|
| Creston King | Since August 1999         | Vice President, Davis Selected Advisers-NY, Inc.     |

|                          | Class A and C shares | Class Y shares |
|-------------------------------|----------------------|----------------|
| Minimum Initial Investment    | $1,000               | $5,000,000     |
| Minimum Additional Investment | 25                   | 25             |

| Shareholder Fees (fees paid directly from your investment)                                                                                          | Class A, B, C, and Y shares |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)                                                                | None                        |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | None                        |
| Redemption Fee (as a percentage of total redemption proceeds)                                                                                       | None                        |
| Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A, B, C, and Y shares |
|-----------------------------------------------------------------------------------------------------------------|-----------------------------|
| Management Fees                                                                                                 | 0.49%                       |
| Distribution and/or service (12b-1) Fees                                                                        | 0.00%                       |
| Other Expenses                                                                                                  | 0.13%                       |
| Total Annual Operating Expenses                                                                                 | 0.62%                       |
| Less Fee Waiver or Expense Reimbursement(1)                                                                     | 0.55%                       |
| Net Expenses                                                                                                    | 0.07%                       |

|                        | 1 Year | 3 Years | 5 Years | 10 Years |
|-----------------------------|--------|---------|---------|----------|
| Class A, B, C, and Y shares | $ 63   | $ 199   | $ 346   | $ 774    |

| Highest/Lowest quarterly results during this time period were: |
|----------------------------------------------------------------|
| Highest                                                        | 1.20% for the quarter ended December 31, 2006 |
| Lowest                                                         | 0.00% for the quarter ended December 31, 2014 |

|                        | Past 1 Year | Past 5 Years | Past 10 Years |
|-----------------------------|-------------|--------------|---------------|
| Class A, B, C, and Y shares | 0.03%       | 0.03%        | 1.44%         |
|         | Experience with this Fund | Primary Title with Investment Adviser or Sub-Adviser |
|--------------|---------------------------|------------------------------------------------------|
| Creston King | Since August 1999         | Vice President, Davis Selected Advisers-NY, Inc.     |
|                          | Class A and C shares | Class Y shares |
|-------------------------------|----------------------|----------------|
| Minimum Initial Investment    | $1,000               | $5,000,000     |
| Minimum Additional Investment | 25                   | 25             |

----

|                                                            | Financial | Opportunity | Real Estate | Appreciation & Income | Government Bond | Government Money Market |
|-----------------------------------------------------------------|-----------|-------------|-------------|---------------------------|-----------------|-------------------------|
| Long-term growth of capital                                     | *         | *           |        |                      |            |                    |
| Total return through a combination of growth and income         |      |        | *           | *                         |            |                    |
| Current income                                                  |      |        |        |                      | *               |                    |
| Current income along with preservation of capital and liquidity |      |        |        |                      |            | *                       |

|                                         | Financial | Opportunity | Real Estate | Appreciation & Income | Government Bond | Government Money Market |
|----------------------------------------------|-----------|-------------|-------------|---------------------------|-----------------|-------------------------|
| Equity Risks                                 |      |        |        |                      |            |                    |
| Stock Market risk                            | *         | *           | *           | *                         |            |                    |
| Manager risk                                 | *         | *           | *           | *                         |            |                    |
| Common Stock risk                            | *         | *           | *           | *                         |            |                    |
| Large-Capitalization Companies risk          | *         | *           | *           | *                         |            |                    |
| Mid- and Small-Capitalization Companies risk | *         | *           | *           | *                         |            |                    |
| Headline risk                                | *         | *           | *           | *                         |            |                    |
| Foreign Country risk                         | *         | *           |        | *                         |            |                    |
| Emerging Market risk                         | *         | *           |        |                      |            |                    |
| Foreign Currency risk                        | *         | *           |        |                      |            |                    |
| Depositary Receipts risk                     | *         | *           |        | *                         |            |                    |
| Financial Services risk                      | *         |        |        |                      |            |                    |
| Real Estate risk                             |      |        | *           |                      |            |                    |
| Preferred Stock risk                         |      |        |        | *                         |            |                    |
| Convertible Securities                       |      |        |        | *                         |            |                    |
| Focused Portfolio risk                       | *         |        | *           |                      |            |                    |
| Debt Risks                                   |      |        |        |                      |            |                    |
| Bond and Other Debt Securities risk          |      |        |        | *                         |            |                    |
| U.S. Government Securities risk              |      |        |        |                      | *               | *                       |
| Repurchase Agreements risk                   |      |        |        |                      | *               | *                       |
| Interest Rate risk                           |      |        |        | *                         | *               | *                       |
| Inflation risk                               |      |        |        |                      | *               | *                       |
| Extension and Prepayment risk                |      |        |        | *                         | *               |                    |
| Credit risk                                  | *         |        |        | *                         | *               | *                       |
| Changes in Debt Rating risk                  |      |        |        | *                         | *               | *                       |
| Variable Current Income risk                 |      |        | *           | *                         | *               | *                       |
| High-Yield, High-Risk Debt Securities        |      |        |        | *                         |            |                    |
| Other Risks                                  |      |        |        |                      |            |                    |
| Fees and Expenses risk                       | *         | *           | *           | *                         | *               | *                       |

|                               | Financial | Opportunity | Real Estate | Appreciation & Income | Government Bond |
|------------------------------------|-----------|-------------|-------------|---------------------------|-----------------|
| Class A shares return before taxes | 11.84%    | 10.47%      | 9.94%       | 8.50%                     | 3.33%           |
| Class B shares return before taxes | 10.74%    | 11.42%      | 9.99%       | 8.34%                     | 4.83%           |
| Class C shares return before taxes | 5.95%     | 6.43%       | 7.32%       | 5.11%                     | 2.21%           |
| Class Y shares return before taxes | 7.84%     | 7.26%       | 9.59%       | 7.43%                     | 2.98%           |

|                                             | For the Year ended December 31, |
|--------------------------------------------------|---------------------------------|
| Davis Financial Fund                             | 2014                            | 2013 | 2012 |
| Brokerage commissions paid:                      | $207,795                        | $5,171 | $55,219 |
| Brokerage as a percentage of average net assets: | 0.03%                           | 0.00% | 0.01% |
| Davis Opportunity Fund                           |                            |   |   |
| Brokerage commissions paid:                      | $181,547                        | $188,288 | $368,929 |
| Brokerage as a percentage of average net assets: | 0.03%                           | 0.04% | 0.08% |
| Davis Real Estate Fund                           |                            |   |   |
| Brokerage commissions paid:                      | $222,048                        | $273,213 | $193,161 |
| Brokerage as a percentage of average net assets: | 0.09%                           | 0.11% | 0.08% |
| Davis Appreciation & Income Fund             |                            |   |   |
| Brokerage commissions paid:                      | $39,118                         | $105,899 | $47,199 |
| Brokerage as a percentage of average net assets: | 0.01%                           | 0.03% | 0.01% |
| Davis Government Bond Fund                       |                            |   |   |
| Brokerage commissions paid:                      | N/A                             | N/A | N/A |
| Brokerage as a percentage of average net assets: | N/A                             | N/A | N/A |
| Davis Government Money Market Fund               |                            |   |   |
| Brokerage commissions paid:                      | N/A                             | N/A | N/A |
| Brokerage as a percentage of average net assets: | N/A                             | N/A | N/A |

| · | Christopher Davis has served as the research adviser of Davis Opportunity Fund since January 1999 and also manages other equity funds advised by Davis Advisors. Mr. Davis has served as an analyst and portfolio manager for Davis Advisors since 1989. As research adviser, Mr. Davis oversees the research analysts of Davis Opportunity Fund and allocates segments of the Fund to each of them to invest. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Danton Goei has managed a segment of Davis Opportunity Fund since December 2001, manages other equity funds advised by Davis Advisors, and also serves as a research analyst for Davis Advisors. Mr. Goei joined Davis Advisors in November 1998. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Tania Pouschine has managed a segment of Davis Opportunity Fund since July 2003, manages other equity funds advised by Davis Advisors, and also serves as a research analyst for Davis Advisors. Ms. Pouschine joined Davis Advisors in July 2003. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Ryan Brown has managed a segment of Davis Opportunity Fund since August 2013, manages other equity funds advised by Davis Advisors, and also serves as a research analyst for Davis Advisors. Mr. Brown joined Davis Advisors in March 2009. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Darin Prozes has managed a segment of Davis Opportunity Fund since November 2013, manages other equity funds advised by Davis Advisors, and also serves as a research analyst for Davis Advisors. Mr. Prozes joined Davis Advisors in September 2004. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Andrew Davis has served as a Portfolio Manager of Davis Real Estate Fund since January 1994 and also manages other equity funds advised by Davis Advisors. Mr. Davis has served as a portfolio manager for Davis Advisors since 1993. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Chandler Spears has served as a Portfolio Manager of Davis Real Estate Fund since August 2002 and also manages other equity funds advised by Davis Advisors. Mr. Spears has served as a research analyst at Davis Advisors since November 2000. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Andrew Davis has served as a Portfolio Manager of Davis Appreciation & Income Fund since February 1993 and also manages other equity funds advised by Davis Advisors. Mr. Davis has served as a portfolio manager for Davis Advisors since 1993. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Keith Sabol has served as a Portfolio Manager of Davis Appreciation & Income Fund since September 2005. Mr. Sabol has served as a research analyst at Davis Advisors since July 2005. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Creston King has served as a Portfolio Manager of Davis Government Bond Fund and Davis Government Money Market Fund since August 1999. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------|

| · | Dividends. Dividends are distributions to shareholders of net investment income and short-term capital gains on investments. |
|--------|------------------------------------------------------------------------------------------------------------------------------|

| · | Capital Gains. Capital gains are profits received by a fund from the sale of securities held for the long term, which are then distributed to shareholders. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Davis New York Venture Fund ordinarily distributes its dividends and capital gains, if any, in June and December. |
|--------|-------------------------------------------------------------------------------------------------------------------|

| · | Other Davis long-term growth funds (i.e., Davis Opportunity Fund, Davis Financial Fund, Davis Global Fund and Davis International Fund) ordinarily distribute their dividends and capital gains, if any, in December. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | The Davis growth & income funds (i.e., Davis Real Estate Fund and Davis Appreciation & Income Fund) ordinarily distribute dividends quarterly and capital gains, if any, in December. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Davis Government Bond Fund and Davis Government Money Market Fund ordinarily distribute dividends monthly. Davis Government Bond Fund ordinarily distributes capital gains, if any, in December. Davis Government Money Market Fund does not ordinarily distribute capital gains. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | When a dividend or capital gain is distributed, the net asset value per share is reduced by the amount of the payment. Davis Government Bond Fund's and Davis Government Money Market Fund's net asset values are not affected by dividend payments. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | You may elect to reinvest dividend and/or capital gain distributions to purchase additional shares of any Davis Fund or you may elect to receive them in cash. Many shareholders do not elect to take capital gain distributions in cash because these distributions reduce principal value. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If a dividend or capital gain distribution is for an amount less than $50, the Fund will not issue a check. Instead, the dividend or capital gain distribution will be automatically reinvested in additional shares of the Fund. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If a dividend or capital gain distribution check remains uncashed for four months or is undeliverable by the United States Postal Service, the Fund may reinvest the dividend or distribution in additional shares of the Fund promptly after making this determination; and future dividends and capital gains distributions will be automatically reinvested in additional shares of the Fund. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | For any investment below $100,000, you buy Class A shares at their net asset value per share plus a sales charge, which is approximately 4.75% of the offering price (see chart following). The term "offering price" includes the front-end sales charge. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | There is no limit to how much you can invest in this share class. |
|--------|-------------------------------------------------------------------|

| · | Davis Funds (other than Davis Government Money Market Fund) pay a distribution fee — up to 0.25% of the average daily net assets — each year you hold the shares. This fee is lower than the fee you pay for Class B and C shares. Lower expenses of Class A shares translate into higher annual return on net asset value than Class B or C shares. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Amount of Purchase  | Sales ChargeApproximate percentage of offering price | Sales ChargeApproximate percentage of net amount invested | Amount of Sales Charge Retained by DealerPercentage of offering price |
|---------------------|------------------------------------------------------|-----------------------------------------------------------|-----------------------------------------------------------------------|
| Under $100,000      | 4.75%                                                | 4.99%                                                     | 4.00%                                                                 |
| $100,000-$249,999   | 3.50%                                                | 3.63%                                                     | 3.00%                                                                 |
| $250,000-$499,999   | 2.50%                                                | 2.56%                                                     | 2.00%                                                                 |
| $500,000-$749,999   | 2.00%                                                | 2.04%                                                     | 1.75%                                                                 |
| $750,000-$999,999   | 1.00%                                                | 1.01%                                                     | 0.75%                                                                 |
| $1 million or more* | None                                                 | None                                                      | None                                                                  |

| * | You pay no front-end sales charge on purchases of $1 million or more, but if you sell those shares (in any Davis Fund other than Davis Government Money Market Fund) within the first year, a deferred sales charge of 0.50% may be deducted from the redemption proceeds. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Purchase Amount      |   | Commission |
|----------------------|--------|------------|
| First $5 million     |   | 0.50%      |
| More than $5 million |   | 0.25%      |

| · | With other "immediate family" members. To receive a reduced Class A sales charge, investments made by yourself, your spouse, and any children under the age of 21, may be aggregated if made for your own account(s) and/or certain other accounts, such as: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a) | trust accounts established by the above individuals. However, if the person(s) who established the trust is (are) deceased, then the trust account may only be aggregated with accounts of the primary beneficiary of the trust; |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b) | solely controlled business accounts; or |
|--|----|-----------------------------------------|

|  | c) | single-participant retirement plans. |
|--|----|--------------------------------------|

| · | Through employee benefit plans. If you buy shares through trust or fiduciary accounts and Individual Retirement Accounts (IRAs) of a single employer, the purchases will be treated as a single purchase. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Under a Statement of Intention. If you enter a Statement of Intention and agree to buy Class A shares of $100,000 or more over a thirteen-month period, all of the shares you buy during that period will be counted as a single purchase, with the exception of purchases into Davis Government Money Market Fund. Before entering a Statement of Intention, please read the terms and conditions in the Statement of Additional Information. Under a Statement of Intention, you agree to permit the Funds' service provider, State Street Bank and Trust Company, to hold fund shares in escrow to guarantee payment of any sales charges that may be due if you ultimately invest less than you agreed to invest over the covered thirteen-month period. Money Market Fund purchases do not count toward a Statement of Intention unless the shares were exchanged from another Davis Fund and the shares were previously subject to a sales charge. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Under Rights of Accumulation. If you notify your dealer or the Distributor, you can include the Class A, B and C shares in Davis Funds you already own (excluding shares in Davis Government Money Market Fund) when calculating the price for your current purchase. These shares are valued at the current offering price to determine whether or not you qualify for a reduction in the sales charge. Money Market Fund purchases do not count toward Rights of Accumulation unless the shares were exchanged from another Davis Fund and the shares were previously subject to a sales charge. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Combining Rights of Accumulation (ROA) with Statement of Intention. A shareholder can use a Statement of Intention and Rights of Accumulation in conjunction with one another; the Statement of Intention will take precedence over the Rights of Accumulation. Once the Statement of Intention has been satisfied, any new purchases into any of the linked Class A share accounts will receive the reduced sales charge. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a) | Authorized qualified employee benefit plans or savings plans; |
|----|---------------------------------------------------------------|

| b) | Rollovers of current investments through authorized qualified employee benefit plans or savings plans, provided the shares are transferred to the same Davis Fund as either a direct rollover, or subsequent to distribution, the rolled-over proceeds are contributed to a Davis Fund IRA through an account directly with the Fund; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c) | Persons investing through an authorized payroll deduction plan; |
|----|-----------------------------------------------------------------|

| d) | Persons investing through an authorized investment plan for organizations that operate under Section 501(c)(3) of the Internal Revenue Code; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------|

| e) | Registered investment advisers, trust companies and bank trust departments exercising discretionary investment authority with respect to amounts to be invested in the Fund; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f) | Persons participating in a fee-based program (such as a wrap account) under which they (i) pay advisory fees to a broker-dealer or other financial institution or (ii) pay fees to a broker-dealer or other financial institution for providing transaction processing and other administrative services, but not investment advisory services; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| g) | Financial intermediaries who have entered into an agreement with the Distributor and have been approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a transaction fee; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h) | Certain state sponsored 529 college savings plans; |
|----|----------------------------------------------------|

| i) | Persons involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another Davis Fund (but only up to the amount that was liquidated); |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| j) | Insurance company separate accounts; |
|----|--------------------------------------|

| k) | Investments in Davis Government Money Market Fund; |
|----|----------------------------------------------------|

| l) | Shareholders making purchases with dividends or capital gains that are automatically reinvested; |
|----|--------------------------------------------------------------------------------------------------|

| m) | Current and former directors, officers, and employees of any Davis Fund or Davis Advisors (or its affiliates), and their extended family. The term "extended family" includes "immediate family," which is one's spouse and children under 21, and also one's grandchildren, grandparents, parents, parents-in-law, brothers and sisters, sons- and daughters-in-law, a sibling's spouse, a spouse's sibling, aunts, uncles, nieces and nephews; relatives by virtue of a remarriage (step-children, step-parents, etc.) are included. Extended family shall include any child regardless of age; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| n) | Davis Advisors or its affiliates; |
|----|-----------------------------------|

| o) | Registered representatives, principals, and employees (and any extended family member) of securities dealers having a sales agreement with the Distributor; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| p) | Financial institutions acting as fiduciaries making single purchases of $250,000 or more; |
|----|-------------------------------------------------------------------------------------------|

| q) | State and local governments purchasing directly from the Fund. Please consult your legal and investment advisers to determine if an investment in the Fund is permissible and suitable for you; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| r) | Shareholders making purchases in certain accounts offered by securities firms that have entered into contracts with Davis Funds and which charge fees based on assets in the account; and |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| s) | Shareholder accounts established prior to December 2014 as a result of a merger with a Davis Fund. |
|----|----------------------------------------------------------------------------------------------------|

|  | a) | the assets being rolled over were invested in Davis Funds at the time of distribution; and |
|--|----|--------------------------------------------------------------------------------------------|

|  | b) | the rolled over assets are contributed to a Davis Funds IRA with State Street Bank and Trust Company as custodian. |
|--|----|--------------------------------------------------------------------------------------------------------------------|

| · | You buy the shares at net asset value (no initial sales charge). |
|--------|------------------------------------------------------------------|

| · | The maximum purchase per transaction for Class B shares is $50,000. |
|--------|---------------------------------------------------------------------|

| · | If you have significant Davis Funds holdings, you may not be eligible to invest in Class B shares. You may not purchase Class B shares if you are eligible to purchase Class A shares at the $100,000 or higher sales charge discount rate. See "Class A Shares Sales Charges" and "Reduction of Class A Shares Initial Sales Charge" for more information regarding sales charge discounts. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If you sell Class B shares in any of the Davis Funds within six years of purchase, you must pay a deferred sales charge. This charge decreases over time as you own the shares (see chart following). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | After you hold Class B shares for seven years, they are converted automatically into Class A shares without incurring a front-end sales charge. As this is a dollar for dollar conversion, you may receive fewer Class A shares due to the difference in the price of the two share classes. Investors in Class A shares pay a lower distribution fee. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Investors in Class B shares (other than Davis Government Money Market Fund) pay a distribution fee of one percent of the average daily net asset value each year they hold the shares. Higher distribution fees translate into lower annual return on net asset value. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | At redemption, the deferred sales charge for each purchase will be calculated from the date of purchase, excluding any time the shares were held in a money market fund. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Sales MadeAfter Purchase | Amount of DeferredSales Charge |
|--------------------------|--------------------------------|
| Year 1                   | 4%                             |
| Years 2-3                | 3%                             |
| Years 4-5                | 2%                             |
| Year 6                   | 1%                             |
| Year 7                   | None                           |

| · | You buy the shares at net asset value (no initial sales charge). |
|--------|------------------------------------------------------------------|

| · | The maximum purchase per transaction for Class C shares is $500,000. |
|--------|----------------------------------------------------------------------|

| · | If you have significant Davis Funds holdings, you may not be eligible to invest in Class C shares. You may not purchase Class C shares if you are eligible to purchase Class A shares at the $1 million or more sales charge discount rate (i.e., at net asset value). See "Class A Shares Sales Charges" and "Reduction of Class A Shares Initial Sales Charge" for more information regarding sales charge discounts. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If you sell Class C shares in any of the Davis Funds (other than Davis Government Money Market Fund) within one year of purchase, you must pay a deferred sales charge of one percent. At redemption, the deferred sales charge for each purchase will be calculated from the date of purchase, excluding any time the shares were held in a money market fund. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Investors in Class C shares (other than Davis Government Money Market Fund) pay a distribution fee of one percent of the average daily net asset value each year they hold the shares. Higher distribution fees translate into lower annual return on net asset value. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Class C shares do not have a conversion provision. |
|--------|----------------------------------------------------|

| · | As a Class A shareholder, only if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | As a Class B shareholder, if you sell shares within six years of purchase. The percentage decreases over the six-year period. |
|--------|-------------------------------------------------------------------------------------------------------------------------------|

| · | As a Class C shareholder, if you sell shares within one year of purchase. |
|--------|---------------------------------------------------------------------------|

| · | Shares in your account represented by an increase in NAV over the initial purchase price (appreciation). |
|--------|----------------------------------------------------------------------------------------------------------|

| · | Shares acquired by reinvestment of dividends and capital gain distributions. |
|--------|------------------------------------------------------------------------------|

| · | Shares that are no longer subject to the deferred sales charge. |
|--------|-----------------------------------------------------------------|

| · | Shares held the longest, but which are still subject to the deferred sales charge. |
|--------|------------------------------------------------------------------------------------|

| · | You sell Class A shares that were not subject to a commission at the time of purchase (the amount of purchase totaled $1 million or more) and the shares were held for more than a year. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | You die and were the sole owner of the account. Otherwise, shares can be redeemed without a contingent deferred sales charge following the death or disability of the last surviving shareholder, including a trustee of a grantor trust or revocable living trust for which the trustee is also the sole beneficiary. The death or disability must have occurred after the account was established. If you claim a disability you must provide evidence of a determination of disability by the Social Security Administration. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | You sell shares under a qualified retirement plan or IRA that constitutes a tax-free return of excess contributions to avoid a penalty. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

| · | Your Fund redeems the remaining shares in your account under an Involuntary Redemption. |
|--------|-----------------------------------------------------------------------------------------|

| · | You qualify for an exception related to defined contribution plans. These exceptions are described in the Statement of Additional Information. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

| · | You are a director, officer or employee of Davis Advisors or one of its affiliates (or an extended family member of a director, officer or employee). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | You sell Class B or Class C shares under the Systematic Withdrawal Plan if the aggregate value of the redeemed shares does not exceed twelve percent of the account's value.* |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | A Systematic Withdrawal Plan may be established as either a percentage or a fixed-dollar amount. The shares that may be redeemed without a sales charge are recalculated as a percentage of the current market value of the account as of the date of each withdrawal. If established as a percentage, no sales charge will be incurred regardless of market fluctuations. If established as a fixed-dollar amount, a sales charge may be incurred if the market value of the account decreases. If you redeem shares in addition to those redeemed pursuant to the Systematic Withdrawal Plan, a deferred sales charge may be imposed on those shares and on any subsequent redemptions within a twelve-month period, regardless of whether such redemptions are pursuant to a Systematic Withdrawal Plan. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | At least $5 million for an institution (trust company, bank trust, endowment, pension plan, foundation) acting on behalf of its own account or one or more clients. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | At least $5 million for a government entity (a state, county, city, department, authority or similar government agency). |
|--------|--------------------------------------------------------------------------------------------------------------------------|

| · | With an account established under a "wrap account" or other fee-based program that is sponsored and maintained by a registered broker-dealer approved by the Distributor. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | At least $500,000 for a 401(k) plan, 457 plan, employer sponsored 403(b) plan, profit sharing and money purchase pension plan, defined benefit plan, or non-qualified deferred compensation plan where plan level or omnibus accounts are held on the books of the Fund. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Through a registered investment adviser (RIA) who initially invests for clients an aggregate of at least $100,000 in Davis Funds through a fund "supermarket" or other mutual fund trading platform sponsored by a broker-dealer or trust company and which has entered into an agreement with Davis Distributors, LLC. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Mail. Complete and sign the Application Form and mail it to the Funds' service provider, State Street Bank and Trust Company. Include a check made payable to Davis Funds. All purchases by check should be in U.S. dollars. Davis Funds will not accept third-party checks, starter checks, traveler's checks or money orders. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Dealer. You may have your dealer order and pay for the shares. In this case, you must pay your dealer directly. Your dealer will then order the shares from the Distributor. Please note that your dealer may charge a service fee or commission for these transactions. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | IRAs |
|--------|------|

| · | Roth IRAs |
|--------|-----------|

| · | Education Savings Accounts |
|--------|----------------------------|

| · | Simple IRAs |
|--------|-------------|

| · | Simplified Employee Pension (SEP) IRAs |
|--------|----------------------------------------|

| · | 403(b) Plans |
|--------|--------------|

| · | By Telephone. Call 1-800-279-0279. You can speak directly with an Investor Services Professional, Monday through Friday, from 9 a.m. to 6 p.m. Eastern Time or use the Funds' automated telephone system at any time, day or night. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Online Account Access. You may initiate most account transactions through online account access on the Funds' website, www.davisfunds.com. Please note that certain account types, including all Class Y share accounts, may be restricted from online access. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Mail. Send the request to the Funds' service provider, State Street Bank and Trust Company. |
|--------|------------------------------------------------------------------------------------------------|

| · | By Dealer. Contact a dealer who will execute the transaction through the Distributor. Please note that your dealer may charge service fees or commissions for these transactions. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Mail. When you purchase shares by mail: |
|--------|--------------------------------------------|

| · | Make the check payable to Davis Funds |
|--------|---------------------------------------|

| · | If you have the investment slip from your most recent statement, include it with the check. If you do not have an investment slip, include a letter with your check stating the name of the Fund, the class of shares you wish to buy, and your account number. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Mail the check to: |
|--------|--------------------|

| · | Through a Dealer. When you buy shares through a dealer, you may be charged service fees or commissions for these transactions. |
|--------|--------------------------------------------------------------------------------------------------------------------------------|

| · | By Telephone. If you have a bank account listed on your account you may purchase shares via ACH (Automated Clearing House) and the funds will be pulled directly from your bank account to purchase shares. Call 1-800-279-0279 to use the Funds' automated phone system 24 hours a day or speak to an Investor Services Professional, Monday through Friday, from 9 a.m. to 6 p.m. Eastern time. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Internet. If you have a bank account listed on your account you may purchase shares via ACH (Automated Clearing House) and the funds will be pulled directly from your bank account to purchase shares. See "Internet Transactions" in this Prospectus for details on how to access your account through the internet. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Wire. You may wire federal funds directly to the Funds' service provider, State Street Bank and Trust Company. To ensure that the purchase is credited properly, follow these wire instructions: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Mail. To sell shares by mail, send the request to one of the addresses below. All registered shareholders must sign the request. Redemption proceeds are usually paid to you by check within seven days after State Street Bank and Trust Company receives your proper redemption request. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Mail the request to: |
|--------|----------------------|

| · | A medallion signature guarantee is required if the redemption request is: |
|--------|---------------------------------------------------------------------------|

| · | for a check greater than $100,000; |
|--------|------------------------------------|

| · | made payable to someone other than the registered shareholder(s); |
|--------|-------------------------------------------------------------------|

| · | sent to an address other than to the address of record or to an address of record that has been changed in the last 30 days; or |
|--------|---------------------------------------------------------------------------------------------------------------------------------|

| · | to a bank account not on record. |
|--------|----------------------------------|

| · | Through a Dealer. When you sell shares through a dealer, you may be charged service fees or commissions for these transactions. |
|--------|---------------------------------------------------------------------------------------------------------------------------------|

| · | By Telephone. Call 1-800-279-0279 to use the Funds' automated phone system 24 hours a day or speak to an Investor Services Professional, Monday through Friday, from 9 a.m. to 6 p.m. Eastern time. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Redemptions by check: |
|--------|-----------------------|

| § | are limited to $100,000; |
|--------|--------------------------|

| § | must be mailed to the address of record that has been on the account for at least 30 days; and |
|--------|------------------------------------------------------------------------------------------------|

| § | must be made payable to the registered shareholder. |
|--------|-----------------------------------------------------|

| · | Redemptions via wire or ACH can only be done to a bank currently on the account. |
|--------|----------------------------------------------------------------------------------|

| · | By Internet. See "Internet Transactions" in this Prospectus for details on how to access your account through the internet. |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

| · | Redemptions by check: |
|--------|-----------------------|

| § | are limited to $100,000; |
|--------|--------------------------|

| § | must be mailed to the address of record that has been on the account for at least 30 days; and |
|--------|------------------------------------------------------------------------------------------------|

| § | must be made payable to the registered shareholder. |
|--------|-----------------------------------------------------|

| · | Redemptions via wire or ACH can only be done to a bank currently on the account. |
|--------|----------------------------------------------------------------------------------|

| · | For $250 or more from their accounts. Checks written for less than $250 will be honored and a $25 service fee will be debited from the account; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| · | So long as the account balance is at least $1,000 after the check has been paid. If a check is presented for payment which would bring the account balance to less than $1,000 a $25 service fee will be debited from the account and check writing privileges will be suspended; and |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Subject to the rules prescribed by State Street Bank and Trust Company. Davis Funds and State Street Bank and Trust Company reserve the right to modify these rules at any time. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | You may receive a check at the address of record provided that this address has not changed for a period of at least 30 days. |
|--------|-------------------------------------------------------------------------------------------------------------------------------|

| · | You may also choose to receive funds by ACH by completing an account service form. If you wish to execute a Systematic Withdrawal Plan by ACH after your account has been established, please complete an account service form and have your signature medallion guaranteed. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | You may have funds sent by check to a third party at an address other than the address of record. In order to do so, you must complete the appropriate section of the Application Form. If you wish to designate a third-party payee after your account has been established, you must submit a letter of instruction with a medallion signature guarantee. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Mail. To exchange shares by mail, send the request to one of the addresses below. All registered shareholders must sign the request. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

| · | Mail the request to: |
|--------|----------------------|

| · | Through a Dealer. When you exchange shares through a dealer, you may be charged service fees or commissions for these transactions. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------|

| · | By Telephone. Call 1-800-279-0279 to use the Funds' automated phone system 24 hours a day or speak to an Investor Services Professional, Monday through Friday, from 9 a.m. to 6 p.m. Eastern time. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Internet. See "Internet Transactions" in this Prospectus for details on how to access your account through the internet. |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

| · | Speak directly with an Investor Services Professional during business hours (9 a.m. to 6 p.m. Eastern time). |
|--------|--------------------------------------------------------------------------------------------------------------|

| · | You can use Davis Funds' automated telephone system, 24 hours a day, seven days a week. Class Y share accounts do not have access to the automated telephone system. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                                                                                             |                                 |                         |                                       |                             |
|----------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|------------------------------|--------------------------------------------|----------------------------------|
| The following financial information represents selected data for each share of capital stock outstanding throughout each period: |                                 |                         |                                       |                             |
|                                                                                                                             |                                 |                         |                                       |                             |
| Income (Loss) from Investment Operations                                                                                         |                                 |                         |                                       |                             |
|                                                                                                                             | Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) | Total from Investment Operations |   |   |   |   |
| Davis Opportunity Fund Class A:                                                                                                  |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $33.20                               | $0.00d,e                     | $2.36                                      | $2.36                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $23.42                               | $0.10d                       | $9.74                                      | $9.84                            |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $21.16                               | $0.19d                       | $2.39                                      | $2.58                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $22.57                               | $0.20d                       | $(1.02)                                    | $(0.82)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $20.08                               | $0.24d                       | $2.54                                      | $2.78                            |   |   |   |   |
| Davis Opportunity Fund Class B:                                                                                                  |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $28.22                               | $(0.28)d                     | $1.98                                      | $1.70                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $20.05                               | $(0.14)d                     | $8.31                                      | $8.17                            |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $18.13                               | $(0.03)d                     | $2.03                                      | $2.00                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $19.34                               | $(0.01)d                     | $(0.88)                                    | $(0.89)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $17.21                               | $0.05d                       | $2.17                                      | $2.22                            |   |   |   |   |
| Davis Opportunity Fund Class C:                                                                                                  |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $29.74                               | $(0.24)d                     | $2.10                                      | $1.86                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $21.10                               | $(0.11)d                     | $8.75                                      | $8.64                            |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $19.08                               | $0.01d                       | $2.14                                      | $2.15                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $20.34                               | $0.02d                       | $(0.92)                                    | $(0.90)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $18.10                               | $0.07d                       | $2.29                                      | $2.36                            |   |   |   |   |
| Davis Opportunity Fund Class Y:                                                                                                  |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $34.17                               | $0.09d                       | $2.43                                      | $2.52                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $24.09                               | $0.17d                       | $10.04                                     | $10.21                           |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $21.77                               | $0.24d                       | $2.47                                      | $2.71                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $23.22                               | $0.27d                       | $(1.06)                                    | $(0.79)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $20.65                               | $0.30d                       | $2.63                                      | $2.93                            |   |   |   |   |
| Davis Government Bond Fund Class A:                                                                                              |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $5.42                                | $0.04d                       | $0.02                                      | $0.06                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $5.55                                | $(0.02)d                     | $(0.06)                                    | $(0.08)                          |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $5.60                                | $0.02d                       | $0.02                                      | $0.04                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $5.62                                | $0.13                        | $(0.02)                                    | $0.11                            |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $5.66                                | $0.15                        | $(0.04)                                    | $0.11                            |   |   |   |   |
| Davis Government Bond Fund Class B:                                                                                              |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $5.39                                | $(0.01)d                     | $0.03                                      | $0.02                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $5.53                                | $(0.07)d                     | $(0.07)                                    | $(0.14)                          |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $5.58                                | $(0.03)d                     | $0.02                                      | $(0.01)                          |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $5.60                                | $0.08                        | $(0.02)                                    | $0.06                            |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $5.65                                | $0.10                        | $(0.05)                                    | $0.05                            |   |   |   |   |
| Davis Government Bond Fund Class C:                                                                                              |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $5.42                                | $(0.01)d                     | $0.03                                      | $0.02                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $5.55                                | $(0.07)d                     | $(0.06)                                    | $(0.13)                          |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $5.60                                | $(0.03)d                     | $0.02                                      | $(0.01)                          |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $5.62                                | $0.08                        | $(0.02)                                    | $0.06                            |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $5.66                                | $0.10                        | $(0.04)                                    | $0.06                            |   |   |   |   |

----

|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |
|----------------------------------------------------------------------------------------------|--------------------------------------|-----------------------------------|-------------------|---------------------|--------------------------------|---------------|------------------------------------------|---------------------|--------------------|------------------------------------|---------------------|
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Dividends and Distributions   Ratios to Average Net Assets |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |
|                                                                                         | Dividends from Net Investment Income | Distributions from Realized Gains | Return of Capital | Total Distributions | Net Asset Value, End of Period | Total Returna | Net Assets, End of Period (in thousands) | Gross Expense Ratio | Net Expense Ratiob | Net Investment Income (Loss) Ratio | Portfolio Turnoverc |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.02)                              | $(3.81)                           | $–          | $(3.83)             | $31.73                         | 7.31%f        | $305,755                                 | 0.97%               | 0.97%              | 0.01%                              | 40%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.06)                              | $–                          | $–          | $(0.06)             | $33.20                         | 42.03%f       | $311,241                                 | 0.98%               | 0.98%              | 0.34%                              | 47%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.32)                              | $–                          | $–          | $(0.32)             | $23.42                         | 12.18%        | $220,539                                 | 1.02%               | 1.02%              | 0.83%                              | 19%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.59)                              | $–                          | $–          | $(0.59)             | $21.16                         | (3.63)%       | $235,743                                 | 1.02%               | 1.02%              | 0.90%                              | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.29)                              | $–                          | $–          | $(0.29)             | $22.57                         | 13.92%f       | $296,880                                 | 1.05%               | 1.05%              | 1.18%                              | 24%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–                             | $(3.81)                           | $–          | $(3.81)             | $26.11                         | 6.25%f        | $4,158                                   | 1.92%               | 1.92%              | (0.94)%                            | 40%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–                             | $–                          | $–          | $–            | $28.22                         | 40.75%f       | $7,228                                   | 1.95%               | 1.95%              | (0.63)%                            | 47%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.08)                              | $–                          | $–          | $(0.08)             | $20.05                         | 11.03%        | $8,546                                   | 2.01%               | 2.01%              | (0.16)%                            | 19%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.32)                              | $–                          | $–          | $(0.32)             | $18.13                         | (4.61)%       | $12,228                                  | 1.98%               | 1.98%              | (0.06)%                            | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.09)                              | $–                          | $–          | $(0.09)             | $19.34                         | 12.91%f       | $19,593                                  | 1.99%               | 1.99%              | 0.24%                              | 24%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–                             | $(3.81)                           | $–          | $(3.81)             | $27.79                         | 6.47%f        | $103,635                                 | 1.75%               | 1.75%              | (0.77)%                            | 40%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–                             | $–                          | $–          | $–            | $29.74                         | 40.95%f       | $100,034                                 | 1.78%               | 1.78%              | (0.46)%                            | 47%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.13)                              | $–                          | $–          | $(0.13)             | $21.10                         | 11.23%        | $76,682                                  | 1.82%               | 1.82%              | 0.03%                              | 19%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.36)                              | $–                          | $–          | $(0.36)             | $19.08                         | (4.40)%       | $87,674                                  | 1.82%               | 1.82%              | 0.10%                              | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.12)                              | $–                          | $–          | $(0.12)             | $20.34                         | 13.06%f       | $116,235                                 | 1.84%               | 1.84%              | 0.39%                              | 24%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.11)                              | $(3.81)                           | $–          | $(3.92)             | $32.77                         | 7.58%f        | $169,390                                 | 0.72%               | 0.72%              | 0.26%                              | 40%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.13)                              | $–                          | $–          | $(0.13)             | $34.17                         | 42.40%f       | $104,297                                 | 0.74%               | 0.74%              | 0.58%                              | 47%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.39)                              | $–                          | $–          | $(0.39)             | $24.09                         | 12.40%        | $61,172                                  | 0.77%               | 0.77%              | 1.08%                              | 19%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.66)                              | $–                          | $–          | $(0.66)             | $21.77                         | (3.38)%       | $171,853                                 | 0.77%               | 0.77%              | 1.15%                              | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.36)                              | $–                          | $–          | $(0.36)             | $23.22                         | 14.31%f       | $183,554                                 | 0.75%               | 0.75%              | 1.48%                              | 24%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.06)                              | $–                          | $–          | $(0.06)             | $5.42                          | 1.14%         | $43,232                                  | 0.90%               | 0.90%              | 0.64%                              | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.05)                              | $–                          | $–          | $(0.05)             | $5.42                          | (1.52)%       | $58,280                                  | 0.81%               | 0.81%              | (0.41)%                            | 26%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.09)                              | $–                          | $–          | $(0.09)             | $5.55                          | 0.67%         | $95,888                                  | 0.70%               | 0.70%              | 0.27%                              | 28%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.13)                              | $–                          | $–          | $(0.13)             | $5.60                          | 2.01%         | $108,955                                 | 0.74%               | 0.74%              | 1.49%                              | 27%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.15)                              | $–                          | $–          | $(0.15)             | $5.62                          | 1.95%         | $112,118                                 | 0.75%               | 0.75%              | 2.00%                              | 33%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.01)                              | $–                          | $–          | $(0.01)             | $5.40                          | 0.33%         | $2,207                                   | 1.80%               | 1.80%              | (0.26)%                            | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–                             | $–                          | $–          | $–            | $5.39                          | (2.53)%       | $3,409                                   | 1.72%               | 1.72%              | (1.32)%                            | 26%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.04)                              | $–                          | $–          | $(0.04)             | $5.53                          | (0.20)%       | $7,707                                   | 1.63%               | 1.63%              | (0.66)%                            | 28%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.08)                              | $–                          | $–          | $(0.08)             | $5.58                          | 1.09%         | $10,970                                  | 1.66%               | 1.66%              | 0.57%                              | 27%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.10)                              | $–                          | $–          | $(0.10)             | $5.60                          | 0.84%         | $14,021                                  | 1.65%               | 1.65%              | 1.10%                              | 33%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.02)                              | $–                          | $–          | $(0.02)             | $5.42                          | 0.31%         | $10,113                                  | 1.69%               | 1.69%              | (0.15)%                            | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–e                            | $–                          | $–          | $–e           | $5.42                          | (2.34)%       | $13,973                                  | 1.63%               | 1.63%              | (1.23)%                            | 26%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.04)                              | $–                          | $–          | $(0.04)             | $5.55                          | (0.15)%       | $23,673                                  | 1.57%               | 1.57%              | (0.60)%                            | 28%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.08)                              | $–                          | $–          | $(0.08)             | $5.60                          | 1.16%         | $28,729                                  | 1.59%               | 1.59%              | 0.64%                              | 27%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.10)                              | $–                          | $–          | $(0.10)             | $5.62                          | 1.10%         | $34,572                                  | 1.56%               | 1.56%              | 1.19%                              | 33%                 |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                             |                                 |                         |                                       |                             |
|----------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|------------------------------|--------------------------------------------|----------------------------------|
| The following financial information represents selected data for each share of capital stock outstanding throughout each period: |                                 |                         |                                       |                             |
|                                                                                                                             |                                 |                         |                                       |                             |
| Income (Loss) from Investment Operations                                                                                         |                                 |                         |                                       |                             |
|                                                                                                                             | Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) | Total from Investment Operations |   |   |   |   |
| Davis Government Bond Fund Class Y:                                                                                              |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $5.46                                | $0.06d                       | $0.03                                      | $0.09                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $5.60                                | $– d,e                 | $(0.07)                                    | $(0.07)                          |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $5.64                                | $0.03d                       | $0.03                                      | $0.06                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $5.66                                | $0.14                        | $(0.02)                                    | $0.12                            |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $5.70                                | $0.16                        | $(0.04)                                    | $0.12                            |   |   |   |   |
| Davis Government Money Market Fund Class A, B, C, and Y:                                                                         |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $1.000                               | $–g                    | $–                                   | $–g                        |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $1.000                               | $–g                    | $–                                   | $–g                        |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $1.000                               | $–g                    | $–                                   | $–g                        |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $1.000                               | $–g                    | $–                                   | $–g                        |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $1.000                               | $–g                    | $–                                   | $–g                        |   |   |   |   |
| Davis Financial Fund Class A:                                                                                                    |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $39.20                               | $0.29d                       | $4.80                                      | $5.09                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $30.41                               | $0.29d                       | $9.26                                      | $9.55                            |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $26.36                               | $0.28d                       | $4.51                                      | $4.79                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $31.76                               | $0.27d                       | $(3.17)                                    | $(2.90)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $28.76                               | $0.23d                       | $3.00                                      | $3.23                            |   |   |   |   |
| Davis Financial Fund Class B:                                                                                                    |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $32.82                               | $(0.11)d                     | $3.99                                      | $3.88                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $25.70                               | $(0.08)d                     | $7.77                                      | $7.69                            |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $22.35                               | $(0.05)d                     | $3.81                                      | $3.76                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $27.27                               | $(0.06)d                     | $(2.72)                                    | $(2.78)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $24.79                               | $(0.08)d                     | $2.56                                      | $2.48                            |   |   |   |   |
| Davis Financial Fund Class C:                                                                                                    |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $33.97                               | $(0.06)d                     | $4.14                                      | $4.08                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $26.53                               | $(0.04)d                     | $8.05                                      | $8.01                            |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $23.06                               | $0.01d                       | $3.92                                      | $3.93                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $28.05                               | $(0.01)d                     | $(2.78)                                    | $(2.79)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $25.44                               | $(0.03)d                     | $2.64                                      | $2.61                            |   |   |   |   |
| Davis Financial Fund Class Y:                                                                                                    |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $40.18                               | $0.35d                       | $4.95                                      | $5.30                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $31.15                               | $0.35d                       | $9.51                                      | $9.86                            |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $27.00                               | $0.34d                       | $4.62                                      | $4.96                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $32.48                               | $0.30d                       | $(3.22)                                    | $(2.92)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $29.40                               | $0.25d                       | $3.09                                      | $3.34                            |   |   |   |   |
| Davis Appreciation & Income Fund Class A:                                                                                    |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $34.53                               | $0.38d                       | $1.48                                      | $1.86                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $27.23                               | $0.40d                       | $7.30                                      | $7.70                            |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $25.54                               | $0.44d                       | $1.71                                      | $2.15                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $28.08                               | $0.45d                       | $(2.53)                                    | $(2.08)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $23.70                               | $0.40d                       | $4.38                                      | $4.78                            |   |   |   |   |

----

|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |
|----------------------------------------------------------------------------------------------|--------------------------------------|-----------------------------------|-------------------|---------------------|--------------------------------|---------------|------------------------------------------|---------------------|--------------------|------------------------------------|---------------------|
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Dividends and Distributions   Ratios to Average Net Assets |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |
|                                                                                         | Dividends from Net Investment Income | Distributions from Realized Gains | Return of Capital | Total Distributions | Net Asset Value, End of Period | Total Returna | Net Assets, End of Period (in thousands) | Gross Expense Ratio | Net Expense Ratiob | Net Investment Income (Loss) Ratio | Portfolio Turnoverc |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.08)                              | $–                          | $–          | $(0.08)             | $5.47                          | 1.73%         | $26,925                                  | 0.50%               | 0.50%              | 1.04%                              | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.07)                              | $–                          | $–          | $(0.07)             | $5.46                          | (1.34)%       | $25,409                                  | 0.47%               | 0.47%              | (0.07)%                            | 26%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.10)                              | $–                          | $–          | $(0.10)             | $5.60                          | 1.11%         | $23,999                                  | 0.44%               | 0.44%              | 0.53%                              | 28%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.14)                              | $–                          | $–          | $(0.14)             | $5.64                          | 2.16%         | $3,821                                   | 0.60%               | 0.60%              | 1.63%                              | 27%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.16)                              | $–                          | $–          | $(0.16)             | $5.66                          | 2.11%         | $3,416                                   | 0.58%               | 0.58%              | 2.17%                              | 33%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–g                            | $–                          | $–          | $–g           | $1.000                         | 0.03%         | $234,337                                 | 0.62%               | 0.07%              | 0.04%                              | NA                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–g                            | $–                          | $–          | $–g           | $1.000                         | 0.04%         | $334,405                                 | 0.64%               | 0.09%              | 0.04%                              | NA                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–g                            | $–                          | $–          | $–g           | $1.000                         | 0.04%         | $261,244                                 | 0.63%               | 0.16%              | 0.04%                              | NA                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–g                            | $–                          | $–          | $–g           | $1.000                         | 0.03%         | $240,424                                 | 0.63%               | 0.12%              | 0.03%                              | NA                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–g                            | $–                          | $–          | $–g           | $1.000                         | 0.02%         | $320,687                                 | 0.61%               | 0.21%              | 0.02%                              | NA                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.28)                              | $(4.42)                           | $–          | $(4.70)             | $39.59                         | 13.01%        | $560,905                                 | 0.86%               | 0.86%              | 0.72%                              | 32%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.19)                              | $(0.57)                           | $–          | $(0.76)             | $39.20                         | 31.45%        | $538,410                                 | 0.88%               | 0.88%              | 0.83%                              | 0%h                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.33)                              | $(0.41)                           | $–          | $(0.74)             | $30.41                         | 18.15%        | $426,149                                 | 0.91%               | 0.91%              | 0.96%                              | 10%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.47)                              | $(2.03)                           | $–          | $(2.50)             | $26.36                         | (9.02)%       | $377,885                                 | 0.91%               | 0.91%              | 0.87%                              | 12%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.23)                              | $–                          | $–          | $(0.23)             | $31.76                         | 11.25%        | $487,948                                 | 0.95%               | 0.95%              | 0.79%                              | 2%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–                             | $(4.42)                           | $–          | $(4.42)             | $32.28                         | 11.84%        | $4,800                                   | 1.92%               | 1.92%              | (0.34)%                            | 32%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–                             | $(0.57)                           | $–          | $(0.57)             | $32.82                         | 29.97%        | $5,751                                   | 1.99%               | 1.99%              | (0.28)%                            | 0%h                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–                             | $(0.41)                           | $–          | $(0.41)             | $25.70                         | 16.81%        | $5,504                                   | 2.09%               | 2.09%              | (0.22)%                            | 10%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.11)                              | $(2.03)                           | $–          | $(2.14)             | $22.35                         | (10.09)%      | $6,483                                   | 2.02%               | 2.02%              | (0.24)%                            | 12%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–                             | $–                          | $–          | $–            | $27.27                         | 10.00%        | $11,103                                  | 2.07%               | 2.07%              | (0.33)%                            | 2%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–                             | $(4.42)                           | $–          | $(4.42)             | $33.63                         | 12.03%        | $79,140                                  | 1.76%               | 1.76%              | (0.18)%                            | 32%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–                             | $(0.57)                           | $–          | $(0.57)             | $33.97                         | 30.24%        | $70,174                                  | 1.79%               | 1.79%              | (0.08)%                            | 0%h                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.05)                              | $(0.41)                           | $–          | $(0.46)             | $26.53                         | 17.04%        | $50,844                                  | 1.84%               | 1.84%              | 0.03%                              | 10%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.17)                              | $(2.03)                           | $–          | $(2.20)             | $23.06                         | (9.85)%       | $52,859                                  | 1.81%               | 1.81%              | (0.03)%                            | 12%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $–                             | $–                          | $–          | $–            | $28.05                         | 10.26%        | $70,964                                  | 1.86%               | 1.86%              | (0.12)%                            | 2%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.36)                              | $(4.42)                           | $–          | $(4.78)             | $40.70                         | 13.20%        | $89,443                                  | 0.70%               | 0.70%              | 0.88%                              | 32%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.26)                              | $(0.57)                           | $–          | $(0.83)             | $40.18                         | 31.71%        | $59,236                                  | 0.71%               | 0.71%              | 1.00%                              | 0%h                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.40)                              | $(0.41)                           | $–          | $(0.81)             | $31.15                         | 18.33%        | $31,623                                  | 0.72%               | 0.72%              | 1.15%                              | 10%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.53)                              | $(2.03)                           | $–          | $(2.56)             | $27.00                         | (8.90)%       | $26,607                                  | 0.75%               | 0.75%              | 1.03%                              | 12%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.26)                              | $–                          | $–          | $(0.26)             | $32.48                         | 11.37%        | $20,989                                  | 0.86%               | 0.86%              | 0.88%                              | 2%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.37)                              | $–                          | $–          | $(0.37)             | $36.02                         | 5.37%         | $217,723                                 | 0.87%               | 0.87%              | 1.05%                              | 20%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.40)                              | $–                          | $–          | $(0.40)             | $34.53                         | 28.44%        | $211,772                                 | 0.93%               | 0.93%              | 1.31%                              | 18%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.46)                              | $–                          | $–          | $(0.46)             | $27.23                         | 8.44%         | $244,543                                 | 0.95%               | 0.95%              | 1.64%                              | 11%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.46)                              | $–                          | $–          | $(0.46)             | $25.54                         | (7.45)%       | $269,626                                 | 0.93%               | 0.93%              | 1.61%                              | 20%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.40)                              | $–                          | $–          | $(0.40)             | $28.08                         | 20.34%        | $317,324                                 | 0.94%               | 0.94%              | 1.58%                              | 20%                 |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                        |                         |                                       |                             |
|----------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|--------------------------------------------|----------------------------------|
| The following financial information represents selected data for each share of capital stock outstanding throughout each period: |                                                                                                                                                                                                                                                                                                                                                        |                         |                                       |                             |
|                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                        |                         |                                       |                             |
| Income (Loss) from Investment Operations                                                                                         |                                                                                                                                                                                                                                                                                                                                                        |                         |                                       |                             |
|                                                                                                                             | Net Asset Value, Beginning of Period                                                                                                                                                                                                                                                                                                                        | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) | Total from Investment Operations |   |   |   |   |
| Davis Appreciation & Income Fund Class B:                                                                                    |                                                                                                                                                                                                                                                                                                                                                        |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $34.15                                                                                                                                                                                                                                                                                                                                                      | $0.02d                       | $1.46                                      | $1.48                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $26.93                                                                                                                                                                                                                                                                                                                                                      | $0.11d                       | $7.22                                      | $7.33                            |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $25.27                                                                                                                                                                                                                                                                                                                                                      | $0.19d                       | $1.68                                      | $1.87                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $27.78                                                                                                                                                                                                                                                                                                                                                      | $0.19d                       | $(2.49)                                    | $(2.30)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $23.44                                                                                                                                                                                                                                                                                                                                                      | $0.16d                       | $4.35                                      | $4.51                            |   |   |   |   |
| Davis Appreciation & Income Fund Class C:                                                                                    |                                                                                                                                                                                                                                                                                                                                                        |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $34.69                                                                                                                                                                                                                                                                                                                                                      | $0.07d                       | $1.49                                      | $1.56                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $27.36                                                                                                                                                                                                                                                                                                                                                      | $0.15d                       | $7.33                                      | $7.48                            |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $25.67                                                                                                                                                                                                                                                                                                                                                      | $0.23d                       | $1.70                                      | $1.93                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $28.22                                                                                                                                                                                                                                                                                                                                                      | $0.22d                       | $(2.53)                                    | $(2.31)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $23.81                                                                                                                                                                                                                                                                                                                                                      | $0.19d                       | $4.42                                      | $4.61                            |   |   |   |   |
| Davis Appreciation & Income Fund Class Y:                                                                                    |                                                                                                                                                                                                                                                                                                                                                        |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $34.68                                                                                                                                                                                                                                                                                                                                                      | $0.42d                       | $1.50                                      | $1.92                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $27.34                                                                                                                                                                                                                                                                                                                                                      | $0.45d                       | $7.35                                      | $7.80                            |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $25.65                                                                                                                                                                                                                                                                                                                                                      | $0.50d                       | $1.71                                      | $2.21                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $28.21                                                                                                                                                                                                                                                                                                                                                      | $0.51d                       | $(2.55)                                    | $(2.04)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $23.80                                                                                                                                                                                                                                                                                                                                                      | $0.44d                       | $4.43                                      | $4.87                            |   |   |   |   |
| Davis Real Estate Fund Class A:                                                                                                  |                                                                                                                                                                                                                                                                                                                                                        |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $28.41                                                                                                                                                                                                                                                                                                                                                      | $0.40d                       | $7.42                                      | $7.82                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $29.25                                                                                                                                                                                                                                                                                                                                                      | $0.42d                       | $(0.90)                                    | $(0.48)                          |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $25.31                                                                                                                                                                                                                                                                                                                                                      | $0.39d                       | $3.87                                      | $4.26                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $23.38                                                                                                                                                                                                                                                                                                                                                      | $0.31d                       | $1.94                                      | $2.25                            |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $19.79                                                                                                                                                                                                                                                                                                                                                      | $0.30d                       | $3.65                                      | $3.95                            |   |   |   |   |
| Davis Real Estate Fund Class B:                                                                                                  |                                                                                                                                                                                                                                                                                                                                                        |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $28.04                                                                                                                                                                                                                                                                                                                                                      | $0.05d                       | $7.31                                      | $7.36                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $28.86                                                                                                                                                                                                                                                                                                                                                      | $0.10d                       | $(0.88)                                    | $(0.78)                          |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $24.98                                                                                                                                                                                                                                                                                                                                                      | $0.07d                       | $3.83                                      | $3.90                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $23.08                                                                                                                                                                                                                                                                                                                                                      | $0.03d                       | $1.91                                      | $1.94                            |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $19.55                                                                                                                                                                                                                                                                                                                                                      | $0.08d                       | $3.57                                      | $3.65                            |   |   |   |   |
| Davis Real Estate Fund Class C:                                                                                                  |                                                                                                                                                                                                                                                                                                                                                        |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $28.41                                                                                                                                                                                                                                                                                                                                                      | $0.11d                       | $7.43                                      | $7.54                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $29.25                                                                                                                                                                                                                                                                                                                                                      | $0.16d                       | $(0.90)                                    | $(0.74)                          |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $25.31                                                                                                                                                                                                                                                                                                                                                      | $0.16d                       | $3.86                                      | $4.02                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $23.38                                                                                                                                                                                                                                                                                                                                                      | $0.10d                       | $1.95                                      | $2.05                            |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $19.80                                                                                                                                                                                                                                                                                                                                                      | $0.12d                       | $3.64                                      | $3.76                            |   |   |   |   |
| Davis Real Estate Fund Class Y:                                                                                                  |                                                                                                                                                                                                                                                                                                                                                        |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $28.78                                                                                                                                                                                                                                                                                                                                                      | $0.44d                       | $7.56                                      | $8.00                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $29.63                                                                                                                                                                                                                                                                                                                                                      | $0.49d                       | $(0.91)                                    | $(0.42)                          |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $25.64                                                                                                                                                                                                                                                                                                                                                      | $0.46d                       | $3.93                                      | $4.39                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $23.69                                                                                                                                                                                                                                                                                                                                                      | $0.36d                       | $1.98                                      | $2.34                            |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $20.05                                                                                                                                                                                                                                                                                                                                                      | $0.33d                       | $3.75                                      | $4.08                            |   |   |   |   |
| a                                                                                                                                | Assumes hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. |                         |                                       |                             |   |
| b                                                                                                                                | The ratios in this column reflect the impact, if any, of the reduction of expenses paid indirectly and of certain reimbursements and/or waivers from the Adviser.                                                                                                                                                                                           |                         |                                       |                             |   |
| c                                                                                                                                | The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation.                                                  |                         |                                       |                             |   |
| d                                                                                                                                | Per share calculations were based on average shares outstanding for the period.                                                                                                                                                                                                                                                                             |                         |                                       |                             |   |

----

|                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                              |              |                |                           |          |                                     |                |               |                               |                |
|----------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|-------------------|---------------------|--------------------------------|---------------|------------------------------------------|---------------------|--------------------|------------------------------------|---------------------|
|                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Dividends and Distributions   Ratios to Average Net Assets |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                              |              |                |                           |          |                                     |                |               |                               |                |
|                                                                                         | Dividends from Net Investment Income                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Distributions from Realized Gains | Return of Capital | Total Distributions | Net Asset Value, End of Period | Total Returna | Net Assets, End of Period (in thousands) | Gross Expense Ratio | Net Expense Ratiob | Net Investment Income (Loss) Ratio | Portfolio Turnoverc |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.06)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.06)             | $35.57                         | 4.32%         | $4,289                                   | 1.87%               | 1.87%              | 0.05%                              | 20%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.11)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.11)             | $34.15                         | 27.26%        | $7,940                                   | 1.88%               | 1.88%              | 0.36%                              | 18%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.21)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.21)             | $26.93                         | 7.39%         | $9,710                                   | 1.89%               | 1.89%              | 0.70%                              | 11%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.21)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.21)             | $25.27                         | (8.31)%       | $13,604                                  | 1.84%               | 1.84%              | 0.70%                              | 20%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.17)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.17)             | $27.78                         | 19.31%        | $18,850                                  | 1.85%               | 1.85%              | 0.67%                              | 20%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.10)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.10)             | $36.15                         | 4.48%         | $66,212                                  | 1.72%               | 1.72%              | 0.20%                              | 20%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.15)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.15)             | $34.69                         | 27.40%        | $64,616                                  | 1.74%               | 1.74%              | 0.50%                              | 18%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.24)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.24)             | $27.36                         | 7.54%         | $60,770                                  | 1.75%               | 1.75%              | 0.84%                              | 11%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.24)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.24)             | $25.67                         | (8.21)%       | $68,768                                  | 1.74%               | 1.74%              | 0.80%                              | 20%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.20)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.20)             | $28.22                         | 19.43%        | $85,427                                  | 1.76%               | 1.76%              | 0.76%                              | 20%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.42)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.42)             | $36.18                         | 5.52%         | $38,551                                  | 0.72%               | 0.72%              | 1.20%                              | 20%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.46)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.46)             | $34.68                         | 28.70%        | $20,679                                  | 0.75%               | 0.75%              | 1.49%                              | 18%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.52)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.52)             | $27.34                         | 8.62%         | $21,765                                  | 0.75%               | 0.75%              | 1.84%                              | 11%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.52)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.52)             | $25.65                         | (7.30)%       | $25,514                                  | 0.74%               | 0.74%              | 1.80%                              | 20%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.46)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.46)             | $28.21                         | 20.66%        | $30,878                                  | 0.73%               | 0.73%              | 1.79%                              | 20%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.44)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.44)             | $35.79                         | 27.68%        | $198,029                                 | 0.96%               | 0.96%              | 1.21%                              | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.36)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.36)             | $28.41                         | (1.67)%       | $172,531                                 | 0.98%               | 0.98%              | 1.40%                              | 75%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.32)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.32)             | $29.25                         | 16.86%        | $206,497                                 | 1.01%               | 1.01%              | 1.38%                              | 50%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.32)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.32)             | $25.31                         | 9.69%         | $180,770                                 | 1.08%               | 1.08%              | 1.26%                              | 68%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.36)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.36)             | $23.38                         | 20.09%        | $246,372                                 | 1.11%               | 1.11%              | 1.36%                              | 43%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.08)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.08)             | $35.32                         | 26.30%        | $2,394                                   | 2.05%               | 2.05%              | 0.12%                              | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.04)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.04)             | $28.04                         | (2.71)%       | $3,041                                   | 2.06%               | 2.06%              | 0.32%                              | 75%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.02)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.02)             | $28.86                         | 15.60%        | $4,250                                   | 2.11%               | 2.11%              | 0.28%                              | 50%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.04)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.04)             | $24.98                         | 8.42%         | $4,252                                   | 2.19%               | 2.19%              | 0.15%                              | 68%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.12)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.12)             | $23.08                         | 18.73%        | $5,645                                   | 2.20%               | 2.20%              | 0.27%                              | 43%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.16)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.16)             | $35.79                         | 26.58%        | $27,851                                  | 1.84%               | 1.84%              | 0.33%                              | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.10)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.10)             | $28.41                         | (2.54)%       | $24,243                                  | 1.85%               | 1.85%              | 0.53%                              | 75%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.08)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.08)             | $29.25                         | 15.90%        | $29,102                                  | 1.86%               | 1.86%              | 0.53%                              | 50%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.12)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.12)             | $25.31                         | 8.80%         | $26,408                                  | 1.89%               | 1.89%              | 0.45%                              | 68%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.18)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.18)             | $23.38                         | 19.07%        | $30,034                                  | 1.92%               | 1.92%              | 0.55%                              | 43%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.52)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.52)             | $36.26                         | 27.96%        | $33,548                                  | 0.74%               | 0.74%              | 1.43%                              | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.43)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.43)             | $28.78                         | (1.45)%       | $19,456                                  | 0.76%               | 0.76%              | 1.62%                              | 75%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.40)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.40)             | $29.63                         | 17.14%        | $21,868                                  | 0.76%               | 0.76%              | 1.63%                              | 50%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.39)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.39)             | $25.64                         | 9.97%         | $18,605                                  | 0.79%               | 0.79%              | 1.55%                              | 68%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.44)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $–                          | $–          | $(0.44)             | $23.69                         | 20.52%        | $18,498                                  | 0.77%               | 0.77%              | 1.70%                              | 43%                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| e                                                                                            | Less than $0.005 per share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |
| f                                                                                            | Davis Opportunity Fund's performance benefited from IPO purchases, adding approximately 1% to the Fund's total return in 2014, approximately 3% to the Fund's total return in 2013, and approximately 2% to the Fund's total return in 2010. After purchase, the IPOs rapidly increased in value. The Adviser purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs were unusual occurrences. Such performance may not continue in the future. |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |
| g                                                                                            | Less than $0.0005 per share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |
| h                                                                                            | Less than 0.50%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |

----

|   HOW TO GET MORE INFORMATION  |
|-----------------------------------------------|
| Over 45 years of Reliable InvestingTM | Investment Company Act File No. 811-2679 |
|---------------------------------------|------------------------------------------|
|                                  |

----

|                                 | Class A                     | Class B | Class C | Class Y |
|--------------------------------------|-----------------------------|---------|---------|---------|
| Davis Financial Fund                 | RPFGX                       | DFIBX   | DFFCX   | DVFYX   |
| Davis Opportunity Fund               | RPEAX                       | RPFEX   | DGOCX   | DGOYX   |
| Davis Real Estate Fund               | RPFRX                       | DREBX   | DRECX   | DREYX   |
| Davis Appreciation & Income Fund | RPFCX                       | DCSBX   | DCSCX   | DCSYX   |
| Davis Government Bond Fund           | RFBAX                       | VRPFX   | DGVCX   | DGVYX   |
| Davis Government Money Market Fund   | RPGXX for all share classes |

----

| Appendix B: Terms and Conditions for a Statement of Intention |  |
|---------------------------------------------------------------|--|

----

| · | sell futures contracts; |
|--------|-------------------------|

| · | buy puts on such futures or on securities; or |
|--------|-----------------------------------------------|

| · | write covered calls on securities or futures. |
|--------|-----------------------------------------------|

| · | buy futures; |
|--------|--------------|

| · | buy calls on such futures or on securities; or |
|--------|------------------------------------------------|

| · | sell puts on such futures or on securities. |
|--------|---------------------------------------------|

|                                               | Fiscal year ended December 31, |
|----------------------------------------------------|--------------------------------|
|                                               | 2014                           | 2013 | 2012 |
| Davis Financial Fund                               |                           |   |   |
| Brokerage commissions paid:                        | $207,795                       | $5,171 | $55,219 |
| Amount paid to brokers providing research:         | None                           | none | none |
| Amount paid to broker providing services to funds: | None                           | none | none |
|                                               |                           |   |   |
| Davis Opportunity Fund                             |                           |   |   |
| Brokerage commissions paid:                        | $181,547                       | $188,288 | $368,929 |
| Amount paid to brokers providing research:         | None                           | none | none |
| Amount paid to broker providing services to funds: | None                           | none | none |
|                                               |                           |   |   |
| Davis Real Estate Fund                             |                           |   |   |
| Brokerage commissions paid:                        | $222,048                       | $273,213 | $193,161 |
| Amount paid to brokers providing research:         | None                           | none | none |
| Amount paid to broker providing services to funds: | None                           | none | none |
|                                               |                           |   |   |
| Davis Appreciation & Income Fund               |                           |   |   |
| Brokerage commissions paid:                        | $39,118                        | $105,899 | $47,199 |
| Amount paid to brokers providing research:         | None                           | none | none |
| Amount paid to broker providing services to funds: | None                           | none | none |
| Fund                                 | Broker-Dealer            | Value       |
|--------------------------------------|--------------------------|-------------|
| Davis Financial Fund                 | JPMorgan Chase & Co. | $32,790,668 |
|                                 | Charles Schwab Corp.     | $22,799,428 |
| Davis Opportunity Fund               | Wells Fargo & Co.    | $11,628,418 |
|                                 | Charles Schwab Corp.     | $4,763,007  |
| Davis Real Estate Fund               | N/A                      |        |
| Davis Appreciation & Income Fund | Citigroup Inc.           | $12,112,631 |
| Davis Government Bond Fund           | N/A                      |        |
| Davis Government Money Market Fund   | N/A                      |        |

| (1) | Diversification (all Funds except Davis Real Estate Fund). The Fund may not make any investment that is inconsistent with its classification as a diversified investment company under the 1940 Act. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Concentration (Davis Opportunity Fund, Davis Appreciation & Income Fund, Davis Government Bond Fund, and Davis Government Money Market Fund). The Fund may not concentrate its investments in the securities of issuers primarily engaged in any particular industry. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Issuing Senior Securities (All Funds). The Fund may not issue senior securities, except as permitted under applicable law, including the 1940 Act and published SEC staff positions. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Borrowing (All Funds). The Fund may not borrow money, except to the extent permitted by applicable law including the 1940 Act and published SEC staff positions. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Underwriting (All Funds). The Fund may not underwrite securities of other issuers except to the extent permitted by applicable law, including the 1940 Act and published SEC staff positions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Investments in Commodities and Real Estate (All Funds). The Fund may not purchase or sell commodities or real estate, except to the extent permitted by applicable law, including the 1940 Act and published SEC staff positions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Making Loans (All Funds). The Fund may not make loans to other persons, except as allowed by applicable law including the 1940 Act and published SEC staff positions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Illiquid Securities. The Fund will not purchase or hold illiquid securities if more than 15% of the value of the Fund's net assets would be invested in such securities. If illiquid securities exceeded 15% of the value of the Fund's net assets, the Adviser would attempt to reduce the Fund's investment in illiquid securities in an orderly fashion. Davis Government Money Market Fund may not purchase illiquid securities if more than 10% of the value of the Fund's net assets would be invested in such securities. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | High-Yield, High-Risk Securities. The Fund will not purchase debt securities rated BB or Ba or lower (sometimes referred to as "Junk Bonds") if the securities are in default at the time of purchase or if such purchase would then cause more than 20% of the Fund's net assets to be invested in such lower-rated securities. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Options. The Fund will not purchase an option if the purchase would cause the total premiums (at market) of all options then owned to exceed 5% of the Fund's total assets. The Fund will not sell covered calls if the transaction would cause the total premiums (at market) of all covered calls then written to exceed 25% of the Fund's total assets. For additional information concerning option strategies and their risks, see the section entitled "Derivatives." |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Futures Contracts. The Fund will not engage in a futures transaction if the transaction would cause the nominal value of futures contracts then purchased or sold to exceed 25% of the Fund's total assets. For additional information concerning futures contracts and their risks, see the section entitled "Derivatives." |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Short Selling. The Fund will not sell any security short if it would cause more than 5% of its total assets, taken at market value, to be sold short. This limitation does not apply to selling short against the box. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Investing For Control. The Fund does not invest for the purpose of exercising control or management of other companies. |
|----|-------------------------------------------------------------------------------------------------------------------------|

| 7. | Mortgage, Pledge, Lend, or Hypothecate Assets. The Fund will not mortgage, pledge, or hypothecate more than 33 1/3% of its total assets, taken at market value in securities lending or other activities. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Name Policy (Davis Financial Fund, Davis Real Estate Fund, Davis Government Bond Fund, and Davis Government Money Market Fund). Under normal circumstances Davis Financial Fund invests at least 80% of net assets plus any borrowing for investment purposes in securities issued by companies in the financial services sector, and Davis Real Estate Fund invests at least 80% of net assets plus any borrowing for investment purposes in securities issued by companies in the real estate sector. Under normal circumstances, Davis Government Bond Fund and Davis Government Money Market Fund invest exclusively in U.S. Government securities and repurchase agreements collateralized by U.S. Government securities. The Funds also own other assets that are not investments, typically cash and receivables. Davis Financial Fund, Davis Real Estate Fund, Davis Government Bond Fund and Davis Government Money Market Fund will comply with the Name Policy as of the time an investment is made. If at some point a Fund no longer meets the 80% test (e.g. due to market value changes), it would not be required to sell assets, although any future investments would need to be made in a manner that tends to bring the Fund back into compliance. In addition, because the 80% test applies under "normal circumstances," a Fund could depart from the 80% requirement to take temporary defensive positions or due to other unusual events (e.g. large in-flows or redemptions). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name(birthdate)                | Position(s) Held With Fund | Term of Office and Length of Time Served | Principal Occupation(s) During the Past Five Years                                                                                                                                                                                                                                                                                                                        | Number of Portfolios in Fund Complex Overseen by Director | Other Directorships Held by Director                                                                                                                                                                                            |
|--------------------------------|----------------------------|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Independent Directors          |
| Marc P. Blum(09/09/42)         | Director                   | Director since 1986                      | Chief Executive Officer, World Total Return Fund, LLLP; of Counsel to Gordon Fein`tt LLC (law firm).                                                                                                                                                                                                                                                                      | 13                                                        | Director, Rodney Trust Company (trust and asset management company).                                                                                                                                                            |
| John S. Gates, Jr.(08/02/53)   | Director                   | Director since 2007                      | Chairman and Chief Executive Officer of PortaeCo LLC (private investment company).                                                                                                                                                                                                                                                                                        | 13                                                        | Director, DCT Industrial Trust (REIT);                                                                                                                                                                                          |
| Thomas S. Gayner(12/16/61)     | Director/ Chairman         | Director since 2004                      | President and Chief Investment Officer, Markel Corp. (diversified financial holding company).                                                                                                                                                                                                                                                                             | 13                                                        | Director, Graham Holdings Company (publishing company); Director, Colfax Corp. (engineering and manufacturer of pumps and fluid handling equipment).                                                                            |
| Samuel H. Iapalucci(07/19/52)  | Director                   | Director since 2006                      | Retired; Executive Vice President and Chief Financial Officer, CH2M HILL Companies, Ltd. (engineering) until 2008.                                                                                                                                                                                                                                                        | 13                                                        | Director, exp Global Inc. (engineering).                                                                                                                                                                                        |
| Robert P. Morgenthau(03/22/57) | Director                   | Director since 2002                      | Principal, Spears Abacus Advisors, LLC (investment management firm) since 2011; Chairman, NorthRoad Capital Management, LLC (investment management firm) 2002-2011.                                                                                                                                                                                                       | 13                                                        | None                                                                                                                                                                                                                            |
| Marsha Williams(03/28/51)      | Director                   | Director since 1999                      | Retired; Senior Vice President and Chief Financial Officer, Orbitz Worldwide, Inc. (travel-services provider) 2007-2010.                                                                                                                                                                                                                                                  | 13                                                        | Director, Modine Manufacturing Company (heat transfer technology); Director, Chicago Bridge & Iron Company, N.V. (industrial construction and engineering); Director, Fifth Third Bancorp (diversified financial services). |
| Inside Directors*              |
| Andrew A. Davis(06/25/63)      | Director                   | Director since 1997                      | President or Vice President of each Davis Fund and Selected Fund; President, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.                                                                                                                                                                     | 16                                                        | Director, Selected Funds (consisting of two portfolios) since 1998; Trustee of Clipper Funds Trust (consisting of one portfolio) since 2014.                                                                                    |
| Christopher C. Davis(07/13/65) | Director                   | Director since 1997                      | President or Vice President of each Davis Fund, Selected Fund, and Clipper Fund; Chairman, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser, including sole member of the Adviser's general partner, Davis Investments, LLC; Employee of Shelby Cullom Davis & Co. (registered broker/dealer). | 16                                                        | Director, Selected Funds (consisting of two portfolios) since 1998; Trustee of Clipper Funds Trust (consisting of one portfolio) since 2014; Director, Graham Holdings Company (publishing company).                            |

| * | Andrew A. Davis and Christopher C. Davis own partnership units (directly, indirectly, or both) of the Adviser and are considered to be "interested persons" of the Funds as defined in the Investment Company Act of 1940. Andrew A. Davis and Christopher C. Davis are brothers. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Name                  | DFF     | DOF    | DREF   | DAIF   | DGBF   | DGMMF  | Aggregate Fund Compensation(1) | Total Complex Compensation(2) |
|-----------------------|---------|--------|--------|--------|--------|--------|--------------------------------|-------------------------------|
| Independent Directors |    |   |   |   |   |   |                           |
| Marc Blum             | $10,479 | $9,242 | $3,740 | $4,944 | $1,458 | $4,337 | $34,200                        | $125,000                      |
| John Gates            | $10,479 | $9,242 | $3,740 | $4,944 | $1,458 | $4,337 | $34,200                        | $125,000                      |
| Thomas Gayner         | $10,479 | $9,242 | $3,740 | $4,944 | $1,458 | $4,337 | $34,200                        | $125,000                      |
| Samuel Iapalucci      | $10,479 | $9,242 | $3,740 | $4,944 | $1,458 | $4,337 | $34,200                        | $125,000                      |
| Robert Morgenthau     | $10,479 | $9,242 | $3,740 | $4,944 | $1,458 | $4,337 | $34,200                        | $125,000                      |
| Marsha Williams       | $9,911  | $8,749 | $3,538 | $4,668 | $1,374 | $4,110 | $32,350                        | $118,320                      |

| (1) | "Aggregate Fund Compensation" is the aggregate compensation paid for service as a director by all series of Davis Series, Inc. |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

| (2) | "Total complex compensation" is the aggregate compensation paid for service as a director by all mutual funds with the same investment adviser. There are six registered investment companies in the complex. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Name                  | DFF             | DOF             | DREF            | DAIF          | DGBF           | DGMMF          | Total Invested In All Funds(2) |
|-----------------------|-----------------|-----------------|-----------------|---------------|----------------|----------------|--------------------------------|
| Independent Directors |            |            |            |          |           |           |                           |   |
| Marc Blum             | over $100,000   | over $100,000   | $10,001-50,000  | over $100,000 | $10,001-50,000 | $10,001-50,000 | Over 100,000                   |
| John Gates            | over $100,000   | over $100,000   | none            | none          | none           | none           | Over 100,000                   |
| Thomas Gayner         | over $100,000   | over $100,000   | over $100,000   | none          | none           | none           | Over $100,000                  |
| Samuel Iapalucci      | none            | none            | none            | over $100,000 | none           | none           | Over $100,000                  |
| Robert Morgenthau     | none            | over $100,000   | none            | none          | over $100,000  | none           | Over $100,000                  |
| Marsha Williams       | $50,001-100,000 | $50,001-100,000 | $50,001-100,000 | over $100,000 | none           | none           | Over $100,000                  |
| Inside Directors(1)   |            |            |            |          |           |           |                           |   |   |
| Andrew Davis          | $1-10,000       | over $100,000   | over $100,000   | over $100,000 | none           | over $100,000  | over $100,000                  |
| Christopher Davis     | over $100,000   | over $100,000   | over $100,000   | over $100,000 | over $100,000  | over $100,000  | over $100,000                  |

| (1) | Andrew Davis and Christopher Davis are employed by and own shares in the Adviser and are considered to be "interested persons" of the Funds as defined in the Investment Company Act of 1940. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Total Invested in All Funds is the aggregate dollar range of investments in all Funds overseen by the individual director and managed by Davis Selected Advisers, L.P. This includes the Davis Funds for all directors, also the Selected Funds for Andrew Davis and Christopher Davis. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                 | Class A | Class B | Class C | Class Y |
|--------------------------------------|---------|---------|---------|---------|
| Davis Financial Fund                 | 8.1%    | *       | *       | 1.2%    |
| Davis Opportunity Fund               | 4.8%    | *       | *       | *       |
| Davis Real Estate Fund               | 23.2%   | *       | *       | 2.4%    |
| Davis Appreciation & Income Fund | 3.6%    | *       | *       | *       |
| Davis Government Bond Fund           | 18.0%   | *       | *       | 2.8%    |
| Davis Government Money Market Fund   | 2.3%    | *       | *       | 4.1%    |

| (1) | This percentage does not include investments controlled indirectly, including holdings by Davis Selected Advisers, L.P. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| * | Indicates that officers and directors as a group owned less than 1% of the outstanding shares of the indicated class of shares. |
|---|---------------------------------------------------------------------------------------------------------------------------------|

| Name of Fund                                       | Name and Address of Shareholders Owning more than 5% of Fund | Percent of Class Outstanding |   |
|----------------------------------------------------|--------------------------------------------------------------|------------------------------|--------|
| Davis Opportunity FundClass A Shares               | First Clearing LLCSaint Louis, MO                            | 8.69%                        |   |
|                                               |                                                         |                         |   |
|                                               | Morgan Stanley & Co.Jersey City, NJ                      | 5.78%                        |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 5.43%                        |   |
|                                               |                                                         |                         |   |
|                                               | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 5.28%                        |   |
|                                               |                                                         |                         |   |
| Davis Financial FundClass A Shares                 | Shelby Cullom Davis Charitable Fund Inc.Fairfield, CT        | 30.63%                       |   |
|                                               |                                                         |                         |   |
|                                               | Christopher DavisNew York, NY                                | 6.35%                        |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 5.34%                        |   |
|                                               |                                                         |                         |   |
|                                               | First Clearing LLCSaint Louis, MO                            | 5.14%                        |   |
|                                               |                                                         |                         |   |
| Davis Real Estate FundClass A Shares               | Christopher DavisNew York, NY                                | 15.10%                       |   |
|                                               |                                                         |                         |   |
|                                               | Shelby Cullom Davis Charitable Fund Inc.Fairfield, CT        | 9.15%                        |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 7.04%                        |   |
|                                               |                                                         |                         |   |
| Davis Appreciation & Income FundClass A Shares | Shelby Cullom Davis Charitable Fund Inc.Fairfield, CT        | 33.71%                       |   |
|                                               |                                                         |                         |   |
|                                               | First Clearing LLCSaint Louis, MO                            | 6.43%                        |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 6.38%                        |   |
|                                               |                                                         |                         |   |
|                                               | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 5.81%                        |   |
|                                               |                                                         |                         |   |
| Davis Government Bond FundClass A Shares           | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 20.93%                       |   |
|                                               |                                                         |                         |   |
|                                               | Christopher DavisNew York, NY                                | 17.49%                       |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 9.44%                        |   |
|                                               |                                                         |                         |   |
|                                               | UBS WM USAJersey City, NJ                                    | 9.28%                        |   |
|                                               |                                                         |                         |   |
| Davis Government Money Market FundClass A Shares   | Davis Selected Advisers - NY, Inc.Tucson, AZ                 | 17.70%                       |   |
|                                               |                                                         |                         |   |
|                                               | Davis Selected Advisers, L.P.Tucson, AZ                      | 15.95%                       |   |
|                                               |                                                         |                         |   |
|                                               | Davis Distributors LLCTucson, AZ                             | 12.77%                       |   |
|                                               |                                                         |                         |   |
|                                               | State Street Bank & Trust Co. FBO ADP AccessBoston, MA   | 6.69%                        |   |
|                                               |                                                         |                         |   |
|                                               | Gale L. DavisWilson, WY                                      | 6.03%                        |   |
|                                               |                                                         |                         |   |
| Davis Opportunity FundClass B Shares               | First Clearing LLCSaint Louis, MO                            | 20.25%                       |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 15.28%                       |   |
|                                               |                                                         |                         |   |
|                                               | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 8.95%                        |   |
|                                               |                                                         |                         |   |
|                                               | RBC Capital Markets Corp.Minneapolis, MN                     | 5.31%                        |   |
|                                               |                                                         |                         |   |
| Davis Financial FundClass B Shares                 | First Clearing LLCSaint Louis, MO                            | 29.19%                       |   |
|                                               |                                                         |                         |   |
|                                               | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 22.66%                       |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 9.95%                        |   |
|                                               |                                                         |                         |   |
| Davis Real Estate FundClass B Shares               | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 16.41%                       |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 14.31%                       |   |
|                                               |                                                         |                         |   |
|                                               | Stifel Nicolaus & Co. Inc.St. Louis, MO                  | 10.03%                       |   |
|                                               |                                                         |                         |   |
| Davis Appreciation & Income FundClass B Shares | First Clearing LLCSaint Louis, MO                            | 23.06%                       |   |
|                                               |                                                         |                         |   |
|                                               | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 17.01%                       |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 13.60%                       |   |
|                                               |                                                         |                         |   |
|                                               | Morgan Stanley & Co.Jersey City, NJ                      | 7.82%                        |   |
|                                               |                                                         |                         |   |
| Davis Government Bond FundClass B Shares           | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 44.71%                       |   |
|                                               |                                                         |                         |   |
|                                               | First Clearing LLCSaint Louis, MO                            | 17.64%                       |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 13.57%                       |   |
|                                               |                                                         |                         |   |
|                                               | Morgan Stanley & Co.Jersey City, NJ                      | 5.22%                        |   |
|                                               |                                                         |                         |   |
| Davis Government Money Market FundClass B Shares   | Morgan Stanley & Co.Jersey City, NJ                      | 15.05%                       |   |
|                                               |                                                         |                         |   |
|                                               | First Clearing LLCSaint Louis, MO                            | 13.72%                       |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 9.66%                        |   |
|                                               |                                                         |                         |   |
|                                               | UBS WM USAJersey City, NJ                                    | 5.82%                        |   |
|                                               |                                                         |                         |   |
|                                               | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 5.04%                        |   |
|                                               |                                                         |                         |   |
| Davis Opportunity FundClass C Shares               | Morgan Stanley & Co.Jersey City, NJ                      | 24.90%                       |   |
|                                               |                                                         |                         |   |
|                                               | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 19.90%                       |   |
|                                               |                                                         |                         |   |
|                                               | First Clearing LLCSaint Louis, MO                            | 12.78%                       |   |
|                                               |                                                         |                         |   |
|                                               | Raymond JamesSt. Petersburg, FL                              | 8.57%                        |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 6.60%                        |   |
|                                               |                                                         |                         |   |
| Davis Financial FundClass C Shares                 | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 19.39%                       |   |
|                                               |                                                         |                         |   |
|                                               | Morgan Stanley & Co.Jersey City, NJ                      | 15.53%                       |   |
|                                               |                                                         |                         |   |
|                                               | First Clearing LLCSaint Louis, MO                            | 11.61%                       |   |
|                                               |                                                         |                         |   |
|                                               | Charles Schwab & Co. Inc.San Francisco, CA               | 9.35%                        |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 6.98%                        |   |
|                                               |                                                         |                         |   |
|                                               | UBS WM USAJersey City, NJ                                    | 6.41%                        |   |
|                                               |                                                         |                         |   |
|                                               | Raymond JamesSt. Petersburg, FL                              | 5.09%                        |   |
|                                               |                                                         |                         |   |
| Davis Real Estate FundClass C Shares               | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 14.49%                       |   |
|                                               |                                                         |                         |   |
|                                               | Morgan Stanley & Co.Jersey City, NJ                      | 12.74%                       |   |
|                                               |                                                         |                         |   |
|                                               | First Clearing LLCSaint Louis, MO                            | 12.24%                       |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 11.55%                       |   |
|                                               |                                                         |                         |   |
|                                               | Raymond JamesSt. Petersburg, FL                              | 11.45%                       |   |
|                                               |                                                         |                         |   |
|                                               | Stifel Nicolaus & Co. Inc.St. Louis, MO                  | 6.60%                        |   |
|                                               |                                                         |                         |   |
|                                               | Charles Schwab & Co. Inc.San Francisco, CA               | 5.06%                        |   |
|                                               |                                                         |                         |   |
| Davis Appreciation & Income FundClass C Shares | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 23.61%                       |   |
|                                               |                                                         |                         |   |
|                                               | Morgan Stanley & Co.Jersey City, NJ                      | 21.82%                       |   |
|                                               |                                                         |                         |   |
|                                               | First Clearing LLCSaint Louis, MO                            | 11.01%                       |   |
|                                               |                                                         |                         |   |
|                                               | UBS WM USAJersey City, NJ                                    | 7.57%                        |   |
|                                               |                                                         |                         |   |
|                                               | Raymond JamesSt. Petersburg, FL                              | 6.87%                        |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 5.48%                        |   |
|                                               |                                                         |                         |   |
| Davis Government Bond FundClass C Shares           | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 43.50%                       |   |
|                                               |                                                         |                         |   |
|                                               | First Clearing LLCSaint Louis, MO                            | 12.14%                       |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 6.57%                        |   |
|                                               |                                                         |                         |   |
|                                               | Morgan Stanley & Co.Jersey City, NJ                      | 6.47%                        |   |
|                                               |                                                         |                         |   |
| Davis Government Money Market FundClass C Shares   | First Clearing LLCSaint Louis, MO                            | 18.27%                       |   |
|                                               |                                                         |                         |   |
|                                               | Morgan Stanley & Co.Jersey City, NJ                      | 12.46%                       |   |
|                                               |                                                         |                         |   |
|                                               | UBS WM USAJersey City, NJ                                    | 9.38%                        |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 8.75%                        |   |
|                                               |                                                         |                         |   |
| Davis Opportunity FundClass Y Shares               | LPL FinancialSan Diego, CA                                   | 30.43%                       |   |
|                                               |                                                         |                         |   |
|                                               | Morgan Stanley & Co.Jersey City, NJ                      | 21.73%                       |   |
|                                               |                                                         |                         |   |
|                                               | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 10.34%                       |   |
|                                               |                                                         |                         |   |
|                                               | NFS LLCCovington, KY                                         | 6.39%                        |   |
|                                               |                                                         |                         |   |
|                                               | UBS WM USAJersey City, NJ                                    | 6.35%                        |   |
|                                               |                                                         |                         |   |
|                                               | First Clearing LLCSaint Louis, MO                            | 6.25%                        |   |
|                                               |                                                         |                         |   |
|                                               | Edward D. Jones & Co.Maryland Heights, MO                | 5.67%                        |   |
|                                               |                                                         |                         |   |
| Davis Financial FundClass Y Shares                 | Davis Selected Advisers, L.P.Tucson, AZ                      | 19.92%                       |   |
|                                               |                                                         |                         |   |
|                                               | UBS WM USAJersey City, NJ                                    | 14.84%                       |   |
|                                               |                                                         |                         |   |
|                                               | Charles Schwab & Co. Inc.San Francisco, CA               | 13.48%                       |   |
|                                               |                                                         |                         |   |
|                                               | NFS LLCCovington, KY                                         | 9.86%                        |   |
|                                               |                                                         |                         |   |
|                                               | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 8.62%                        |   |
|                                               |                                                         |                         |   |
|                                               | First Clearing LLCSaint Louis, MO                            | 5.59%                        |   |
|                                               |                                                         |                         |   |
| Davis Real Estate FundClass Y Shares               | Davis Selected Advisers, L.P.Tucson, AZ                      | 21.77%                       |   |
|                                               |                                                         |                         |   |
|                                               | Armand Hammer United World CollegeMontezuma, NM              | 16.02%                       |   |
|                                               |                                                         |                         |   |
|                                               | NFS LLCCovington, KY                                         | 15.37%                       |   |
|                                               |                                                         |                         |   |
|                                               | UBS WM USAJersey City, NJ                                    | 12.24%                       |   |
|                                               |                                                         |                         |   |
|                                               | Morgan Stanley & Co.Jersey City, NJ                      | 8.37%                        |   |
|                                               |                                                         |                         |   |
| Davis Appreciation & Income FundClass Y Shares | Davis Selected Advisers, L.P.Tucson, AZ                      | 55.05%                       |   |
|                                               |                                                         |                         |   |
|                                               | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 8.59%                        |   |
|                                               |                                                         |                         |   |
|                                               | First Clearing LLCSaint Louis, MO                            | 8.57%                        |   |
|                                               |                                                         |                         |   |
|                                               | UBS WM USAJersey City, NJ                                    | 6.47%                        |   |
|                                               |                                                         |                         |   |
|                                               | Pershing LLCJersey City, NJ                                  | 5.77%                        |   |
|                                               |                                                         |                         |   |
|                                               | Morgan Stanley & Co.Jersey City, NJ                      | 5.72%                        |   |
|                                               |                                                         |                         |   |
| Davis Government Bond FundClass Y Shares           | Merrill Lynch Pierce Fenner & SmithJacksonville, FL      | 79.08%                       |   |
|                                               |                                                         |                         |   |
|                                               | UBS WM USAJersey City, NJ                                    | 5.11%                        |   |
|                                               |                                                         |                         |   |
| Davis Government Money Market FundClass Y Shares   | NFS LLCCovington, KY                                         | 99.04%                       |   |
|                                               |                                                         |                         |   |
| Annual Rate | Net Assets of Fund |
|-------------|--------------------|
| 0.50% of    | First $250 million |
| 0.45% of    | Next $250 million  |
| 0.40% of    | Over $500 million  |
|                                 | Fiscal year ended December 31, |
|--------------------------------------|--------------------------------|
|                                 | 2014                           | 2013 | 2012 |
| Davis Financial Fund                 | $3,714,395                     | $3,307,442 | $2,806,216 |
| Davis Opportunity Fund               | $3,235,823                     | $2,422,233 | $2,424,851 |
| Davis Real Estate Fund               | $1,308,595                     | $1,387,139 | $1,409,977 |
| Davis Appreciation & Income Fund | $1,747,215                     | $1,856,001 | $1,975,293 |
| Davis Government Bond Fund           | $279,525                       | $368,639 | $474,344 |
| Davis Government Money Market Fund   | $1,408,157                     | $1,206,806 | $1,272,374 |
|                                   | Fiscal year ended December 31, |
|----------------------------------------|--------------------------------|
|                                   | 2014                           | 2013 | 2012 |
| Davis Financial Fund                   |                           |   |   |
| Accounting and Administrative Services | $13,752                        | $10,998 | $8,496 |
| Shareholder Services                   | $78,173                        | $72,464 | $60,627 |
| Davis Opportunity Fund                 |                           |   |   |
| Accounting and Administrative Services | $10,002                        | $9,000 | $9,000 |
| Shareholder Services                   | $46,111                        | $39,731 | $35,787 |
| Davis Real Estate Fund                 |                           |   |   |
| Accounting and Administrative Services | $5,502                         | $5,250 | $4,500 |
| Shareholder Services                   | $37,175                        | $38,758 | $34,987 |
| Davis Appreciation & Income Fund   |                           |   |   |
| Accounting and Administrative Services | $7,248                         | $7,248 | $6,996 |
| Shareholder Services                   | $30,356                        | $48,324 | $48,992 |
| Davis Government Bond Fund             |                           |   |   |
| Accounting and Administrative Services | $2,502                         | $3,000 | $3,000 |
| Shareholder Services                   | $10,493                        | $11,763 | $12,476 |
| Davis Government Money Market Fund     |                           |   |   |
| Accounting and Administrative Services | $4,992                         | $4,494 | $3,996 |
| Shareholder Services                   | $19,470                        | $16,237 | $13,977 |
| Davis Financial Fund                 |
|--------------------------------------|
| Portfolio Managers                   | Dollar Range of Fund Shares Owned | Number of RICs(2) | Assets(1) in RICs | Number of OPIV(3) | Assets(1) in OPIV(3) | Number of OA(4) | Assets in OA(4) |
| C. Davis                             | Over $1 Million | 12 | $14.7 Billion | 10 | $591.6 Million | 59 | $3.4 Billion |
| Davis Opportunity Fund               |
| Portfolio Managers                   | Dollar Range of Fund Shares Owned | Number of RICs(2) | Assets(1) in RICs | Number of OPIV(3) | Assets(1) in OPIV(3) | Number of OA(4) | Assets in OA(4) |
| C. Davis                             | Over $1 Million | 12 | $14.9 Billion | 10 | $591.6 Million | 59 | $3.4 Billion |
| D. Goei                              | $500,001 -$1 Million | 9 | $13.1 Billion | 10 | $425.9 Million | 54 | $2.7 Billion |
| R. Brown                             | $10,001 - $50,000 | 1 | $9.1 Million | 0 | $0.00 | 25 | $88.1 Million |
| D. Prozes                            | $50,001-$100,000 | 1 | $5.4 Million | 0 | $0.00 | 25 | $43.8 Million |
| T. Pouschine                         | $10,001 - $50,000 | 3 | $195.9 Million | 6 | $146.2 Million | 27 | $141.5 Million |
| Davis Real Estate Fund               |
| Portfolio Managers                   | Dollar Range of Fund Shares Owned | Number of RICs(2) | Assets(1) in RICs | Number of OPIV(3) | Assets(1) in OPIV(3) | Number of OA(4) | Assets in OA(4) |
| A. Davis                             | Over $1 Million | 2 | $353.0 Million | 1 | $476.5 Million | 6 | $18.7 Million |
| C. Spears                            | $100,001 - $500,000 | 1 | $26.1 Million | 1 | $476.5 Million | 5 | $10.0 Million |
| Davis Appreciation & Income Fund |
| Portfolio Managers                   | Dollar Range of Fund Shares Owned | Number of RICs(2) | Assets(1) in RICs | Number of OPIV(3) | Assets(1) in OPIV(3) | Number of OA(4) | Assets in OA(4) |
| A. Davis                             | Over $1 Million | 2 | $287.9 Million | 1 | $476.5 Million | 6 | $18.7 Million |
| K. Sabol                             | $500,001 -$1 Million | 0 | $0.00 | 0 | $0.00 | 1 | $8.7 Million |
| Davis Government Bond Fund           |
| Portfolio Managers                   | Dollar Range of Fund Shares Owned | Number of RICs(2) | Assets(1) in RICs | Number of OPIV(3) | Assets(1) in OPIV(3) | Number of OA(4) | Assets in OA(4) |
| C. King                              | $500,001 -$1 Million | 1 | $219.6 Million | 0 | $0.00 | 0 | $0.00 |
| Davis Government Money Market Fund   |
| Portfolio Managers                   | Dollar Range of Fund Shares Owned | Number of RICs(2) | Assets(1) in RICs | Number of OPIV(3) | Assets(1) in OPIV(3) | Number of OA(4) | Assets in OA(4) |
| C. King                              | $500,001 -$1 Million | 1 | $82.5 Million | 0 | $0.00 | 0 | $0.00 |

| (1) |  "Assets" means total assets managed by the portfolio manager. Some or all of these assets may be co-managed with another portfolio manager who will also be credited with managing the same assets. The sum of assets managed by Davis Advisors~~'~~ portfolio managers may exceed the total assets managed by Davis Advisors. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | "RIC" means Registered Investment Company. |
|-----|--------------------------------------------|

| (3) |  "OPIV" means Other Pooled Investment Vehicles. |
|-----|------------------------------------------------------|

| (4) | "OA" means Other Accounts. These accounts are primarily private accounts and sponsors of managed money/wrap accounts. |
|-----|-----------------------------------------------------------------------------------------------------------------------|

|                                 | Fiscal year ended December 31, |
|--------------------------------------|--------------------------------|
|                                 | 2014                           | 2013 | 2012 |
| Davis Financial Fund                 |                           |   |   |
| Total sales charges                  | $271,975                       | $324,124 | $167,737 |
| Amount re-allowed to dealers         | $230,691                       | $273,773 | $142,690 |
|                                 |                           |   |   |
| Davis Opportunity Fund               |                           |   |   |
| Total sales charges                  | $259,802                       | $162,701 | $69,365 |
| Amount re-allowed to dealers         | $221,244                       | $137,356 | $58,560 |
|                                 |                           |   |   |
| Davis Real Estate Fund               |                           |   |   |
| Total sales charges                  | $64,129                        | $101,174 | $221,223 |
| Amount re-allowed to dealers         | $54,141                        | $85,751 | $187,527 |
|                                 |                           |   |   |
| Davis Appreciation & Income Fund |                           |   |   |
| Total sales charges                  | $140,606                       | $86,041 | $60,467 |
| Amount re-allowed to dealers         | $118,611                       | $72,274 | $51,052 |
|                                 |                           |   |   |
| Davis Government Bond Fund           |                           |   |   |
| Total sales charges                  | $5,803                         | $27,073 | $33,460 |
| Amount re-allowed to dealers         | $4,891                         | $25,048 | $27,937 |
|                                 | Class A shares | Class B shares | Class C shares |
|--------------------------------------|----------------|----------------|----------------|
| Davis Financial Fund                 | $0             | $5,366         | $5,941         |
| Davis Opportunity Fund               | $5             | $4,037         | $3,794         |
| Davis Real Estate Fund               | $1             | $3,655         | $739           |
| Davis Appreciation & Income Fund | $0             | $7,868         | $1,498         |
| Davis Government Bond Fund           | $0             | $7,440         | $124           |
| Davis Government Money Market Fund   | N/A            | N/A            | N/A            |
|                                 | Fiscal year ended December 31, |
|--------------------------------------|--------------------------------|
|                                 | 2014                           | 2013 | 2012 |
| Davis Financial Fund                 |                           |   |   |
| Class A shares                       | $820,427                       | $794,833 | $690,108 |
| Class B shares                       | $52,206                        | $57,487 | $60,084 |
| Class C shares                       | $722,138                       | $610,488 | $532,438 |
| Davis Opportunity Fund               |                           |   |   |
| Class A shares                       | $762,135                       | $581,504 | $515,856 |
| Class B shares                       | $55,298                        | $81,517 | $104,857 |
| Class C shares                       | $1,040,487                     | $877,487 | $830,919 |
| Davis Real Estate Fund               |                           |   |   |
| Class A shares                       | $333,669                       | $385,031 | $427,934 |
| Class B shares                       | $25,863                        | $39,803 | $42,553 |
| Class C shares                       | $257,085                       | $280,309 | $295,468 |
| Davis Appreciation & Income Fund |                           |   |   |
| Class A shares                       | $334,212                       | $465,762 | $491,849 |
| Class B shares                       | $59,331                        | $91,248 | $118,938 |
| Class C shares                       | $659,152                       | $619,188 | $668,343 |
| Davis Government Bond Fund           |                           |   |   |
| Class A shares                       | $84,827                        | $156,597 | $188,092 |
| Class B shares                       | $27,690                        | $52,296 | $92,564 |
| Class C shares                       | $115,484                       | $183,072 | $262,326 |

| (i) | The Retirement Plan is record-kept on a daily valuation basis by Merrill Lynch and, on the date the Retirement Plan sponsor signs the Merrill Lynch Record Keeping Service Agreement, the Retirement Plan has less than $3 million in assets invested in broker/dealer funds not advised or managed by Merrill Lynch Asset Management, L.P. ("MLAM") that are made available pursuant to a Services Agreement between Merrill Lynch and the Funds' principal underwriter or distributor and in funds advised or managed by MLAM (collectively, the "Applicable Investments"); or |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | The Retirement Plan is record-kept on a daily valuation basis by an independent record keeper whose services are provided through a contract of alliance arrangement with Merrill Lynch, and on the date the Retirement Plan Sponsor signs the Merrill Lynch Record Keeping Service Agreement, the Retirement Plan has less than $3 million in assets, excluding money market funds, invested in Applicable Investments; or |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) | The Retirement Plan has less than 500 eligible employees, as determined by the Merrill Lynch plan conversion manager, on the date the Retirement Plan Sponsor signs the Merrill Lynch Record Keeping Service Agreement. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | The Distributor has entered into agreements with broker-dealers to receive on its behalf purchase and redemptions orders; |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (B) | Such broker-dealers are authorized to designate other intermediaries to receive purchase and redemption orders on behalf of the Distributor; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | The Funds will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, its broker's authorized designee, receives the order; and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | A Client order will be priced at the Fund's net asset value next computed after they are received by an authorized broker-dealer or the broker-dealer's authorized designee. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1) | The securities offered by the investor in exchange for shares of a Fund must not be in any way restricted as to resale or otherwise be illiquid; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The securities must have a value that is readily ascertainable (and not established only by evaluation procedures) as evidenced by a listing on the NYSE, AMEX or NASDAQ or other appropriate method; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The transaction involves a net purchase of $1 million or more in Fund shares. |
|-----|-------------------------------------------------------------------------------|

| Where: | P   | = | hypothetical initial payment of $1,000                                                                                                     |
|--------|-----|---|--------------------------------------------------------------------------------------------------------------------------------------------|
|   | T   | = | average annual total return                                                                                                                |
|   | n   | = | number of years                                                                                                                            |
|   | ERV | = | ending redeemable value at the end of the 1-, 5- and 10-year periods of a hypothetical $1,000 payment made at the beginning of such period |
| Where: | P    | = | hypothetical initial payment of $1,000                                                                                                                                                                                   |
|--------|------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | T    | = | average annual total return (after taxes on distributions)                                                                                                                                                               |
|   | n    | = | number of years                                                                                                                                                                                                          |
|   | ATVD | = | ending redeemable value, after taxes on fund distributions but not after taxes on sale of fund shares, at the end of the 1, 5, and 10 year periods of a hypothetical $1,000 payment made at the beginning of such period |
| Where: | P     | = | hypothetical initial payment of $1,000                                                                                                                                             |
|--------|-------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | T     | = | average annual total return (after taxes on distributions and sale of Fund shares)                                                                                                 |
|   | n     | = | number of years                                                                                                                                                                    |
|   | ATVDR | = | ending redeemable value, after taxes on Fund distributions and sale of Fund shares, at the end of the period of a hypothetical $1,000 payment made at the beginning of such period |
| Where: | a | = | dividends and interest earned during the period.                                                          |
|--------|---|---|-----------------------------------------------------------------------------------------------------------|
|   | b | = | expenses accrued for the period.                                                                          |
|   | c | = | the average daily number of shares outstanding during the period that were entitled to receive dividends. |
|   | d | = | the maximum offering price per share on the last day of the period.                                       |

----

----

| 1.Out of my initial purchase (or subsequent purchases if necessary) 5% of the dollar amount specified in this Statement will be held in escrow by State Street Bank and Trust Company in the form of shares (computed to the nearest full share at the public offering price applicable to the initial purchase hereunder) registered in my name. For example, if the minimum amount specified under this statement is $100,000 and the public offering price applicable to transactions of $100,000 is $10 a share, 500 shares (with a value of $5,000) would be held in escrow.2.In the event I should exchange some or all of my shares to those of another mutual fund for which Davis Distributors, LLC, acts as distributor, according to the terms of this prospectus, I hereby authorize State Street Bank and Trust Company to escrow the applicable number of shares of the new fund, until such time as this Statement is complete.3.If my total purchases are at least equal to the intended purchases, the shares in escrow will be delivered to me or to my order.4.If my total purchases are less than the intended purchases I will permit Davis Distributors, LLC, my dealer, or State Street Bank and Trust Company to redeem the difference in the dollar amount of the sales charge that would have originally been paid by me, from the escrowed shares. |   | 5.I hereby irrevocably constitute and appoint State Street Bank and Trust Company my attorney to surrender for redemption any or all escrowed shares with full power of substitution in the premises.6.Shares remaining after the redemption referred to in Paragraph No. 4 will be credited to my account.7.The duties of State Street Bank and Trust Company are only such as are herein provided being purely ministerial in nature, and it shall incur no liability whatever except for willful misconduct or gross negligence so long as it has acted in good faith. It shall be under no responsibility other than faithfully to follow the instructions herein. It may consult with legal counsel and shall be fully protected in any action taken in good faith in accordance with advice from such counsel. It shall not be required to defend any legal proceedings that may be instituted against it in respect of the subject matter of this Agreement unless requested to do so and indemnified to its satisfaction against the cost and expense of such defense. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (1) | Votes consistent with the "General Proxy Voting Policies," are presumed to be consistent with the best interests of clients; |
|-----|------------------------------------------------------------------------------------------------------------------------------|

| (2) | The Adviser may disclose the conflict to the client and obtain the client's consent prior to voting the proxy; |
|-----|----------------------------------------------------------------------------------------------------------------|

| (3) | The Adviser may obtain guidance from an independent third-party; |
|-----|------------------------------------------------------------------|

| (4) | The potential conflict may be immaterial; or |
|-----|----------------------------------------------|

| (5) | Other reasonable means of resolving potential conflicts of interest which effectively insulate the decision on how to vote client proxies from the conflict. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Item 28. | Exhibits:                                                                                                                                                                                                                                                                    |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a)(1)   | Articles of Incorporation. Incorporated by reference to Exhibit (1) of Registrant's registration statement 2-57209, filed on Edgar April 15, 1996.                                                                                                                           |
| (a)(2)   | Articles Supplementary to Articles of Incorporation, reclassifying shares, dated August 28, 1996. Incorporated by reference to Exhibit (1)(b) of Registrant's registration statement 2-57209, filed on Edgar August 12, 1997.                                                |
| (a)(3)   | Articles of Amendment, dated August 21, 1995, changing names (formerly, Retirement Planning Funds of America, Inc.). Incorporated by reference to Exhibit (a)(3) of Registrant's registration statement 2-57209, filed on Edgar February 26, 2001.                           |
| (a)(4)   | Articles Supplementary to Articles of Incorporation, increasing shares, dated December 8, 1997. Incorporated by reference to Exhibit (a)(4) of Registrant's registration statement 2-57209, filed on Edgar February 26, 2001.                                                |
| (a)(5)   | Articles Supplementary to Articles of Incorporation, renaming "Davis Convertible Securities Fund" to "Davis Appreciation & Income Fund". Incorporated by reference to Exhibit (a)(5) of Registrant's registration statement 2-57209, filed on Edgar April 21, 2003.      |
| (a)(6)   | Articles Supplementary to Articles of Incorporation, re-designating shares of Davis Government Money Market Fund. Incorporated by reference to Exhibit (a)(6) of Registrant's registration statement 2-57209, filed on Edgar April 29, 2009.                                 |
| (b)      | By-laws Davis Funds' amended and restated bylaws, March 30, 2010. Incorporated by reference to Exhibit (b) of Registrant's registration statement 2-57209, filed on Edgar April 27, 2011.                                                                                    |
| (c)      | Instruments Defining Rights of Security Holders. Not applicable.                                                                                                                                                                                                             |
| (d)(1)   | Investment Advisory Contracts. Between Davis Series, Inc. and Davis Selected Advisers, L.P. dated January 1, 2001. Incorporated by reference to Exhibit (d)(1) of Registrant's registration statement 2-57209, filed on Edgar February 26, 2001.                             |
| (d)(2)   | Sub-Advisory Agreement between Davis Selected Advisers, L.P., and Davis Selected Advisers - NY, Inc., dated January 1, 2001. Incorporated by reference to Exhibit (d)(2) of Registrant's registration statement 2-57209, filed on Edgar February 26, 2001.                   |
| (d)(3)   | Amendment to Investment Advisory Agreement dated July 1, 2009 reducing advisory fees. Incorporated by reference to Exhibit (d)(3) of Registrant's registration statement 2-57209, filed on Edgar April 30, 2010.                                                             |
| (e)(1)   | Underwriting Contracts. Distributing Agreement dated January 1, 2001. Incorporated by reference to Exhibit (23)(e)(1) of Registrant's registration statement 2-57209, filed on Edgar April 26, 2001.                                                                         |
| (e)(2)   | Form of Dealer Agreement between principal underwriter and distributing broker-dealers. Incorporated by reference to Exhibit (e)(3) of Registrant's registration statement 2-57209, filed on Edgar February 26, 2001.                                                        |
| (f)      | Bonus or Profit Sharing Contracts. Not applicable.                                                                                                                                                                                                                           |
| (g)      | Custodian Agreement. Agreement with State Street Bank & Trust dated January 1, 2006. Incorporated by reference to Exhibit (g) of Registrant's registration statement 2-57209, filed on Edgar April 27, 2006.                                                             |
| (h)(1)   | Other Material Contracts. Transfer Agent Agreement with Boston Financial Data Services dated January 1, 2006. Incorporated by reference to Exhibit (h)(1) of Registrant's registration statement 2-57209, filed on Edgar April 27, 2006.                                     |
| (h)(2)   |  Agreement Respecting Names, changing name from Retirement Planning Funds of America, Inc., to Davis Series, Inc., dated October 1, 1995. Incorporated by reference to Exhibit (h)(2) of Registrant's registration statement 2-57209, filed on Edgar February 26, 2001. |
| (h)(3)   | DGMMF Management Fee Waiver and Expense Reimbursement dated 12/31/11. Incorporated by reference to Exhibit (h)(3) of Registrant's registration statement 2-57209, filed on Edgar April 27, 2012.                                                                             |
| (i)*     | Legal Opinion. Opinion and Consent of Counsel, Greenberg Traurig LLP.                                                                                                                                                                                                        |
| (j)*     | Other Opinions. Consent of Independent Accountants, KPMG LP.                                                                                                                                                                                                                 |
| (k)      | Omitted Financial Statements. Incorporated from the Annual Report.                                                                                                                                                                                                           |
| (l)      | Initial Capital Agreements. Not applicable.                                                                                                                                                                                                                                  |
| (m)(1)   | Rule 12b-1 Plan. Distribution Plans for Class A, B and C shares. Incorporated by reference to Exhibit (m)(1) of Registrant's registration statement 2-57209, filed on Edgar February 26, 2001.                                                                               |
| (m)(2)   | Rule 12b-1 Plan. Distribution Expense Plan in Respect to Government Money Market Fund, dated February 1, 1992. Incorporated by reference to Exhibit (m)(2) of Registrant's registration statement 2-57209, filed on Edgar February 26, 2001.                                 |
| (n)      | Rule 18f-3 Plan. Plan pursuant to Rule 18f-3, as amended June 10, 2003. Incorporated by reference to Exhibit (n) of Registrant's registration statement 2-57209, filed on Edgar April 27, 2004.                                                                              |
| (o)      | Reserved.                                                                                                                                                                                                                                                                    |
| (p)      | Code of Ethics. Code of Ethics as amended August 1, 2009. Incorporated by reference to Exhibit (p) of Registrants registration statement 2-57209, filed on Edgar March 2, 2010.                                                                                              |
| (q)(1)   | Other Exhibits. Power of Attorney for all Davis Funds Directors and signing officers dated December 10, 2013 appointing Arthur Don and Ryan Charles as attorneys-in-fact filed on Edgar April 29, 2014.                                                                      |
| Item 29. | Persons Controlled by or Under Common Control With Registrant                                                                                                                                                         |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     | Information pertaining to persons controlled by or under common control with Registrant is incorporated by reference from the Statement of Additional Information contained in Part B of this Registration Statement. |
| Item 30. | Indemnification |
|----------|-----------------|
| Item 31. | Business and Other Connections of Investment Adviser |
|----------|------------------------------------------------------|
| Item 32. | Principal Underwriter |
|----------|-----------------------|
| Name and Principal Business Address                             | Positions and Offices with Underwriter            | Positions and Offices with Registrant                    |
|-----------------------------------------------------------------|---------------------------------------------------|----------------------------------------------------------|
| Kenneth C. Eich2949 East Elvira Road, Suite 101Tucson, AZ 85756 | President                                         | Executive Vice President and Principal Executive Officer |
|                                                            |                                              |                                                     |
| Russell Wiese609 Fifth Avenue,New York, NY 10017                | Chief Marketing Officer                           | None                                                     |
|                                                            |                                              |                                                     |
| Gary P. Tyc2949 East Elvira Road, Suite 101Tucson, AZ 85756     | Vice President, Treasurer and Assistant Secretary | None                                                     |
|                                                            |                                              |                                                     |
| Anthony Frazia609 Fifth Avenue,New York, NY 10017               | Chief Compliance Officer                          | None                                                     |
|                                                            |                                              |                                                     |
| Ryan Charles2949 East Elvira Road, Suite 101Tucson, AZ 85756    | Vice President and Secretary                      | Vice President and Secretary                             |
|                                                            |                                              |                                                     |
| (c) | Not applicable. |
|-----|-----------------|
| Item 33. | Location of Accounts and Records |
|----------|----------------------------------|
| Item 34. | Management Services |
|----------|---------------------|
| Item 35. | Undertakings |
|----------|--------------|
| Signature       | Title                                                         | Date           |
|-----------------|---------------------------------------------------------------|----------------|
|            |                                                          |           |
| Kenneth Eich*   | Principal Executive Officer                                   | April 29, 2015 |
| Kenneth Eich    |                                                          |           |
|            |                                                          |           |
| Douglas Haines* | Principal Financial Officer; and Principal Accounting Officer | April 29, 2015 |
| Douglas Haines  |                                                          |           |
|            |                                                          |           |
| Signature             | Title    |   |
|-----------------------|----------|--------|
|                  |     |   |
| Marc P. Blum*         | Director |   |
| Marc P. Blum          |     |   |
|                  |     |   |
| Andrew A. Davis*      | Director |   |
| Andrew A. Davis       |     |   |
|                  |     |   |
| Christopher C. Davis* | Director |   |
| Christopher C. Davis  |     |   |
|                  |     |   |
| John Gates*           | Director |   |
| John Gates            |     |   |
|                  |     |   |
| Thomas S. Gayner*     | Director |   |
| Thomas S. Gayner      |     |   |
|                  |     |   |
| Samuel H. Iapalucci*  | Director |   |
| Samuel H. Iapalucci   |     |   |
|                  |     |   |
| Robert P. Morgenthau* | Director |   |
| Robert P. Morgenthau  |     |   |
|                  |     |   |
| Marsha Williams*      | Director |   |
| Marsha Williams       |     |   |
|                  |     |   |

----

| 28(i) | Legal Opinion. Opinion and Consent of Counsel, (Greenberg Traurig LLP). |
|-------|-------------------------------------------------------------------------|
| 28(j) | Other Opinions. Consent of Auditors, KPMG LLP                           |